Bitcoin Price Hits $68,000 Again: What’s Next?

  • Volatility still seems prevalent in the digital currency ecosystem, but Bitcoin (BTC) has demonstrated resilience so far, bouncing back to the $68,000 level.
  • According to predictions by IntoTheBlock, nearly 100% of all BTC addresses became profitable, only to later pull back the coin’s value to $61,440.
  • Market experts, such as “Rich Dad Poor Dad” author Robert Kiyosaki, foresee a $300,000 price target for Bitcoin by the end of this year.

Bitcoin’s price is picking up again after a brief lull: What levels and events should be watched for Bitcoin moving forward?

Bitcoin Price Reaches $68,000 Again

bitcoin-btc

Volatility still seems prevalent in the digital currency ecosystem, but Bitcoin (BTC) has demonstrated resilience so far, bouncing back to the $68,000 level. Bitcoin bulls continue their relentless efforts, pushing the price up by 1.35% in the last 24 hours, lifting it above the intraday low of $65,655.53.

The BTC price entered the week with volatile movement in the $61,000 range, driven by sustained buying momentum from spot Bitcoin ETF issuers. Supply squeeze triggered a rare buying momentum, propelling the Bitcoin price to an All-Time High (ATH) of $69,170.63.

Bitcoin’s price waited over two years to test its previous ATH, and according to predictions by the crypto analytics platform IntoTheBlock, nearly 100% of all BTC addresses became profitable. However, the coin later retraced its value to $61,440.

The coin made several attempts to return to ATH, but investors who were previously profitable remain skeptical about redirecting their capital into buying the coin again. Despite critics desiring a more devastating drop, the roller coaster has helped Bitcoin’s price stay above the psychologically significant level of $61,000.

When attention shifts to price, the influence of spot Bitcoin ETFs remains a decisive feature, continuing to shape the interest of institutional investors. With ongoing accumulation, Bitcoin advocates regard the correction as a healthy one that should assist in resetting the price of the leading digital currency.

Bitcoin Projections and Key Catalysts to Watch

At the current level, market experts, such as “Rich Dad Poor Dad” author Robert Kiyosaki, foresee a $300,000 price target for Bitcoin by the end of this year. Robert Kiyosaki’s optimism for BTC price has always been present, even before the approval of spot Bitcoin ETFs.

Other advocates, such as Ark Invest’s Cathie Wood and individuals like Samson Mow, CEO of Jan3, have larger projections of $600,000 and $1.5 million, respectively. The upcoming Bitcoin halving event is a significant trigger to complement the demand from existing spot BTC ETF products. If demand continues to be sustained after a 50% reduction in supply, the supply squeeze will be so intense that the market will price the cryptocurrency higher.

The BTC price is currently above both the 50-day and 200-day Moving Averages, indicating bullish market sentiment in both the short and long term.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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