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Bitcoin (BTC) Price Just Skyrocketed to $65,000, Will ATH Emerge Soon?

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Mon, 4/03/2024 - 9:47
Bitcoin (BTC) Price Just Skyrocketed to $65,000, Will ATH Emerge Soon?
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Bitcoin's (BTC) price has just reclaimed the $65,000 price mark amid the ongoing rally over the past few weeks. Amid the 5.4% surge in price over the past 24 hours, Bitcoin’s price and market capitalization are now pegged at $65,516.87 and $1,277,114,159,326, respectively.

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Bitcoin 1D Chart. Source: CoinMarketCap

Bitcoin growth triggers

Bitcoin’s current rally might be easily attributed to FOMO - fear of missing out - among institutional investors, but it is notably catalyzed by the spot BTC ETF. With the SEC greenlighting this product in January, more than 300,000 BTC have been acquired by all participants thus far.

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The embrace of this spot Bitcoin ETF has changed the paradigm on the market overall with a massive supply crunch emerging. At the moment, only about 900 BTC are produced per day, and this compares to an average of 10,000 BTC being acquired by the spot Bitcoin ETF issuers overall.

This supply-demand imbalance is also poised to be compounded in the coming weeks as the upcoming Bitcoin halving event will reduce the supply of Bitcoin by 50%. If the demand is sustained by then, chances are the Bitcoin world will see more parabolic price gains overall.

ATH in view?

Bitcoin is currently a few bullish candles away from breaking its all-time high (ATH) of $68,789.63. If the bullish momentum is sustained, chances are the digital currency will breach this level this week.

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Experts are optimistic this price level is reasonably low compared to what BTC is truly worth when the supply crunch is properly priced in. Veterans like Samson Mow are optimistic that Bitcoin can indeed skyrocket to a high of $1 million in the long term.

Though there are imminent corrections possible along the way, Bitcoin notably has the right fundamentals to back the current growth projections for the foreseeable future.

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