Bitcoin Heating Up for a Hot Week: New Price Prediction
Bitcoin (BTC) was almost flat over the weekend but is jumping out of the gates Monday morning with a 4.16% increase.
Could this be the start of a bull week for the coin? Now up to $65,119 (BTC/USD), this cryptocurrency is surging ahead and still pushing toward its all-time record.
It looked like Bitcoin was undergoing a price correction, and yet the coin has managed to keep its gains and keep on moving upward. This signals a long-term positive trend for Bitcoin, which could easily push it past the all-time high of $68,789.
Right now, Bitcoin is only down about 5% from that level. Once it pushes past, there is no telling how high it will go. The importance of reaching and then surpassing that record is that Bitcoin will hit the mainstream in a big way and will likely pick up steam from new buyers and those who have given up on it. They may expect Bitcoin to go to further heights and want to get in on the action.
How High Could Bitcoin Go in 2024?
There are a number of positive indicators working in Bitcoin’s favor right now. The biggest is that the crypto market has been recovering for a while and has moved past its post-pandemic pains. The coin is climbing steadily and has had few setbacks this year.
Another factor in Bitcoin’s favor is its widespread functionality. It can be used to make purchases across the internet, even through PayPal.
On the downside, we could be seeing the development of a cryptocurrency bubble. If the broad market goes bullish for a while, it could burst after an influx of investors sell off what they bought. We have seen a bullish trend for several weeks now, and the risk of a bubble being created and then bursting is very real.
Bitcoin may reach $80,000 this month, if its upward trend continues, which could mean $100,000 could be achievable by the middle of the year. This is assuming the crypto bubble does not burst, though.
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