Bullish Sentiment Expects All-Time High for Bitcoin in a Year
Could we see Bitcoin (BTC) set a new record for itself in the next 12 months? Much of the industry thinks so.
Bitcoin is at $45,324 (BTC/USD) today, up 5% over the last 24 hours, and a long way from its all-time high of $68,789. That distance does not bother many industry insiders who expect that Bitcoin will at some point in the next year break records and move up to $70,000 or higher.
The industry’s sentiments are incredibly bullish for crypto’s brightest star, with some expectations putting BTC end-of-year price at $77,000. That would mean an increase of 71% in about 10 months. Solana managed to rise 300% in the space of about two months last year, but can Bitcoin do something similar?
Why the Market Has Such High Expectations
There are a few reasons why market sentiment is so positive for Bitcoin right now. First of all, the crypto market is humming along, with many coins gaining daily and going bullish for much of the year. If the market is doing well, then Bitcoin tends to do well too.
Secondly, the crypto industry is always looking for a winner that will help them look like a thriving industry to the outside world. Cryptocurrency has had a rough couple of years with many scandals, hacks, and shutdowns. Public sentiment is not as positive on cryptocurrency as it once was. So, the idea of Bitcoin surging this year and setting a new record that the rest of the world will stand up and notice sounds appealing.
Thirdly, economic factors are starting to move in crypto’s favor (and therefore, Bitcoin’s favor). The US economy is picking up, with lower inflation in sight. The global economy is not moving quite as quickly in a positive direction, but it is much better off than it was over the last couple of years. Global inflation moved from about 9% in late 2022, down to 5% at the beginning of 2024, and it is still dropping. If it continues, that will help boost Bitcoin by opening u more disposable income for investors to put into Bitcoin and perhaps move that value over the $70,000 mark.
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