Today, Bitcoin has surged more than 4%, bringing it closer to hitting its record high once again, which it hasn’t reached in over a month.
Last week, the price of Bitcoin dropped below $66,000 due to large-scale liquidations in the crypto market. However, Bitcoin bounced back strongly during the past few days, with over $570 million worth of new investments flowing into Bitcoin ETFs. Specifically, on Thursday and Friday alone, these funds recorded more than $200 million in inflows each day.
The feeling among traders is very optimistic, with the fourth bitcoin halving set to occur later this month. This bullish outlook has been fueled even more by the recent halving of Bitcoin Cash (BCH), which is a spin-off from the Bitcoin network. As a result, BCH‘s value jumped by 10% following its latest halving in March, and its price almost doubled, rising by nearly 60%.
Traders and analysts believe that Bitcoin’s upcoming halving will have a comparable effect on its price. Notable industry figures such as Anthony Scaramucci from SkyBridge Capital anticipate BTC reaching an astounding $170,000 during the post-halving bull market. The daily trading volume for Bitcoin has surged by 70% today. Bitcoin last hit its all-time high a month ago at $73,737. Given the current market sentiment, it’s plausible that Bitcoin could set a new record price this month.
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2024-04-08 16:43