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Bitcoin on Two Day-Bullish Streak

Bitcoin (BTC/USD) is up again for the second day in a row with a 7.39% increase from the previous day.

Now, the coin has surpassed $60,000 and is still gaining. This makes it the first time since November of 2021 where Bitcoin has passed this important milestone, and the coin is headed to a new record high. That all-time high point is $68,789, by the way.

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At the time of writing, Bitcoin had moved to $60,923 (BTC/USD) after gaining more than 10% the previous day. This has set analysts speculating about what the coin’s potential is and if it will really surpass the already high expectations for the year.

This week, Bitcoin has managed to gain more than 20%, and there is little indication that it will stop. The wind may come out of its sails soon, but we expect a slowdown and not a pullback.

New Price Prediction for Bitcoin

Where does this place the predictions for Bitcoin, and have they moved at all? There are plenty of wild guesses, but it is safe to say that Bitcoin has a chance to surpass its all-time high record very soon, perhaps at the beginning of next week.

The current momentum is partly because of newly revealed Bitcoin holdings calculated in the millions of dollars. On top of that, Bitcoin is doing well because the market is doing well, and many of the crypto tokens are up at this time. We have seen most major cryptocurrencies surge since fall of last year and continue mostly bullish trends over the long term.

The price predictions for Bitcoin have become ridiculous, with some analysts guessing it will achieve $200,000 by the end of the year. Numbers like this appear to be put out simply to pull in views, and we still believe that there is strong potential for Bitcoin to pass $100,000 before the end of the year.

What will hold Bitcoin back from reaching $200,000? There is the struggling economy, which is seeing reduced inflation, but not by much. There is the mildly stable US dollar as well as technical recessions around the world that will prevent people from having the extra money to spend on cryptocurrency. Plus, new financial regulations are both hindering and helping cryptocurrency, making the market safer but also limiting what crypto can do.

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Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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