Here Is What Could Push Bitcoin to a New All-Time High

Bitcoin is capable of setting a new record in the next few days, but it will take one key factor to push it there.

Timothy St. John•Friday, June 7, 2024•2 min read

Bitcoin (BTC) is very close to setting a new record high, sitting at $71.497 (BTC/USD) today and up 0.63% from the previous day.

Bitcoin may surpass its record high soon.

It would not take much for Bitcoin to surpass its record high of $73.750- a space of just 3.23% from its current position. What is holding Bitcoin back right now is the fact that many investors are selling off their bitcoins so that they make some profit off this token that has struggled to break above $70K lately.

Bitcoin has had a tough time getting back to its record high that it achieved back in March, but it looks like that time has come. The token simply needs a small push to get there.

The Inflation Problem/Solution

Many analysts would point to inflation worries as the key factor that has held Bitcoin back from staying high for the past few months. As new inflation data has been released, it has painted a less-than-positive picture about the state of the US economy. The high inflation rate has made investors hesitant to buy in on Bitcoin and other risky financial ventures.

What could change that is new information about the level of inflation and the economy, and we will get some of that this week. FOMC member Lisa D. Cook is speaking today on that very topic, and she is likely to touch on the economy and interest rate cuts as well. Cook is an economist, so we do anticipate some solid information about the FOMC’s viewpoint on US inflation trajectory.

Today also marks the release of reports on Unemployment Rate for the US, as well as for Non-Farm Employment Change, and for Average Hourly Earnings. These three reports should paint a descriptive picture of where the economy is at and how inflation may be changing in the near future.

If these reports show positive change, we expect Bitcoin to surge, quickly surpassing its record high. If they show a dismal view of inflation that is refusing to budge or is getting worse, then Bitcoin may quickly drop as investors panic and sell.

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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.