In a monumental milestone for the world's leading cryptocurrency, the price of bitcoin has skyrocketed to an unprecedented all-time high (ATH), surpassing the notable threshold of $69,000.
bitcoin price breaks records
The recent approval of spot bitcoin exchange-traded funds (ETFs) on January 10 was a major catalyst behind this rise. The market reacted with great enthusiasm to the long-awaited bitcoin-011023″ target=”_blank” rel=”nofollow”>decision by the US Securities and Exchange Commission (SEC) paved the way for greater accessibility and legitimacy of bitcoin investments.
Throughout 2023, bitcoin price showed a notable bullish trend, starting from its low of $15,400 in November 2022, which marked the end of the crypto winter and bear market. However, as 2024 began, the industry was looking forward to the possible SEC approval of bitcoin spot ETFs.
After the approval, the price of bitcoin, which had already recovered from the previous bear market and was trading above $40,000, rose to the $49,000 mark, followed by a sharp drop to the $41,500 support line. the next day. Many market experts interpreted this as a “sell the news” event.
However, contrary to critics' expectations, the investment vehicles proved to be a resounding success. success and gained greater institutional acceptance. Consequently, bitcoin price rebounded and continued its upward trajectory, defying any resistance and establishing strong bullish sentiment.
Lockdown unleashed
As bitcoin reaches this new ATH, the absence of any setbacks or walls of resistance across all time frames suggests that this may be one of the most important bull runs in bitcoin history.
Notably, analysts and market experts have already considered the possibility of bitcoin reaching extraordinary price milestones of $100,000 by 2024 or even $200,000 by 2025, as previously. reported by NewsBTC.
However, future regulatory decisions and macroeconomic factors will undoubtedly shape the trajectory of bitcoin's price and its ability to reach even higher levels.
Featured image from Shutterstock, chart from TradingView.com
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