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Is $150,000 Out of Reach for Bitcoin This Year?

Bitcoin (BTC) is still on a bull run and could be able to smash its all-time high record soon. How high will it go?

Bitcoin remains at rank #1

As Bitcoin moves closer to its record, the cryptocurrency token has many analysts wondering if it will be able to make $150,000 by the end of the year or if it might flame out and pull back soon?

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Bitcoin is currently at $62,766 (BTC/USD) and rising, having gained 4.88% since yesterday. Over the last week, Bitcoin has been on a roll, with the bulls running with it to a more than 22% increase.

Since the middle of October, Bitcoin has remained mostly bullish, climbing from $27,000 to its current level and gaining 129%. It is no wonder, then, that many traders expect the coin to smash records and move past $100,000 this year.

Keep in mind that the all-time high is $68,789, from November 2021. Bitcoin is nearing that mark and could easily surpass it very soon. If that happens, we expect cryptocurrency to gain much more media coverage and become firmly engrafted into the public consciousness for weeks, bringing in a trading frenzy that is likely to push Bitcoin even higher.

Factors to Consider

Investors should keep in mind that the crypto currency market is doing well, with many cryptos experiencing near all-time highs and seeing week after week of gains. The global economy is slowly improving, and that will help in giving investors more money to put into crypto.

New regulations around the world are making it easier on traders and crypto services, but there are also some new regulations that are cracking down on the crypto industry, specifically in China and Russia.

The industry is experiencing a boom right now, but that could be a bubble ready to burst, like it did back in 2021. Bitcoin will have serious trouble reaching $100,000 if the price dramatically turns around after hitting the all-time high. If it can push past $70,000 and keep up momentum, then there is a real case to be made for $100,000 and even $150,000 this year.

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ABOUT THE AUTHOR See More
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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