- A Bloomberg report suggests that if Bitcoin’s current trend continues, the prices of the oldest cryptocurrency could significantly increase in the coming weeks.
- As of February 18, Bitcoin prices have been on the rise for four weeks during the rally. According to data published by Bloomberg, BTC has averaged a 49% increase in the past five years.
- Economists are hopeful that the price of Bitcoin (BTC) will eventually reach the high target of $1,000,000.
The increase in Bitcoin price and growing institutional demand raise questions about whether there will be further increases: Here’s the answer!
What’s Next for Bitcoin Price?
Bitcoin prices have shown an upward trend in recent weeks. A Bloomberg report suggests that if Bitcoin’s current trend continues, the prices of the oldest cryptocurrency could significantly increase in the coming weeks.
The Bloomberg report anticipates further gains in the coming weeks when comparing the $52,000 rally of the largest digital asset with technical analysis and previous uptrends. Bitcoin’s price has tripled since the beginning of 2023.
This is largely due to both the upcoming halvings in the token’s supply growth and the excitement around ETFs in the United States. Historical comparisons of this upward trend suggest that BTC prices will likely reach all-time highs.
As of February 18, Bitcoin prices have been on the rise for four weeks during the rally. According to data published by Bloomberg, BTC has averaged a 49% increase in the past five years. In this case, if the current trend continues, Bitcoin could reach nearly $78,000.
According to Bloomberg, traders are utilizing option contracts in various ways. One of the most commonly used techniques currently is Bitcoin call spreads, according to data from Deribit, the largest cryptocurrency options exchange.
This implies that investors are expecting a higher likelihood of earning more BTC, but this doesn’t always translate to significant increases. In a bull call spread, buying a call option is partially financed by simultaneously selling a contract at a higher strike price with the same expiration date.
BTC Price Forecast and Market Outlook
Economists are hopeful that the price of Bitcoin (BTC) will eventually reach the high target of $1,000,000. This optimism comes after the rise above $52,000. However, this figure seems somewhat unrealistic and insurmountable. Nevertheless, many cryptocurrencies seem to have a bright future, with Bitcoin standing out among them.
Many organizations speculate that the price of the original cryptocurrency will increase in the future. This includes predictions such as Bitwise expecting Bitcoin’s price to surpass $80,000 in 2024. According to Coinbase, institutional investment in Bitcoin will remain a primary focus at least until the first half of 2024. Supported by weekly inflow figures, the Bitcoin price forecast suggests that entries into funds based on Bitcoin and Ethereum set a new record of $2.45 billion last week.
