New Bitcoin Price Prediction after Price Surge
Bitcoin may reach a new record high soon after the latest surge, thank to some promising inflation news and approval of spot ETFs.
Bitcoin (BTC) is still above $70,000 after climbing close to its all-time high over the last couple of days. Could it create a new record high this week?
With a current price of $70,044 (BTC/USD), Bitcoin could easily go either way- dropping below $70K or climbing up to its record. What will determine where it is headed over the next few days is the FOMC meeting minutes to be released later today.
We expect the meeting to focus on when interest rate cuts might be coming, which could be in September or could be pushed until next year. We also expect to hear about inflation, which has dropped since last month and has helped push the crypto market and stock market higher than normal.
Bitcoin’s trade volume is dropping after the most recent surge, and it could indicate that the coin is going to plummet. Falling below $70K would hurt the coin’s chances of passing its record this week, but we are still optimistic about it for the short term. The recent upswing has brought new interest on Bitcoin and showed that it could go bullish on short notice even in a high inflation market.
Our Prediction for Bitcoin Price
Bitcoin will likely pass its record by next week, surging past $74,000 on the recent optimistic inflation news as well as spot ether ETF approval by the US Securities and Exchange Commission. We will be waiting to see what the FOMC meeting minutes reveal about the Fed’s position, but that could help Bitcoin’s prospects as well for a new record high.
Bitcoin could still hit $100,00 this year, especially if it has a good summer. We could see the coin reach as high as $80K by July, which would put the token on course to hit $100,000 by the end of the year.
At this point, however, we do not expect to see the coin reach $150,000 in 2024, though that could happen next year, especially if government approvals for cryptocurrency continue in positive direction.
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