Is Bitcoin Ready for New All-Time High?

Could Bitcoin set a new record soon? We take a look at the factors that could play against it and in its favor.

Timothy St. John•Tuesday, June 4, 2024•2 min read

Now at $70,805 (BTC/USD), Bitcoin is moving quickly toward a new record, which it could achieve in a few days.

We could easily see the cryptocurrency token hit higher than $73,750 very soon. That record was established earlier this year, and with 2024 proving a very profitable year for cryptocurrency, Bitcoin could make history again.

Bitcoin is currently up by 2.30% compared to Monday’s price, and its trade volume is holding about on par with Monday’s high volume as well. Bringing in $29.5 billion in trade over a 24-hour period is impressive, and places Bitcoin easily in a position to make some new records and climb much higher in the near future.

Will Bitcoin Set a New Record Soon?

A few new economic data points are being released this week, including the JOLTS Job Openings report as well as Factory Orders and the RCM/TIPP Economic Optimism report. The Economic Optimist report came out already, showing a 3.1% drop in consumer optimism about the economy. This important economic indicator does factor in when it comes to inflation, and the report has shown a decrease that has persisted for 34 months in a row.

This latest indicator of economic downturn could hurt Bitcoin, but most traders will be looking for more conventional inflation indicators, like the FOMC sentiment, which is currently hawkish and is hesitant to recommend interest rate cuts.

Bitcoin is doing well regardless, climbing nearly 5% for the week. To hit its new record high, Bitcoin would only need to climb another 4.16%. That means we could see that happen before the end of the week but definitely by next week if the current bullish trend continues.

Bitcoin is benefitting from the recent boost it received from news of ETF approval by the SEC. That has lingered much of the crypto market and could continue to do so as the move legitimizes cryptocurrency among more casual traders and those who are not sold on cryptocurrency.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

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.