Bitcoin Price Prediction after New High
Quick overview
- Bitcoin (BTC) reached a new record price of $121,960, significantly surpassing its previous high.
- The coin's trade volume surged by 230% on Monday, with a 12.67% increase in value over the past week.
- Key factors driving Bitcoin's growth include a favorable economic environment and a significant influx of exchange-traded funds (ETFs).
- Analysts predict that Bitcoin could continue to rise, with some expecting it to reach $50K by the end of the year and even higher in the future.
Live BTC/USD Chart
Bitcoin (BTC) set a new record this week with a price of $121,960 (BTC/USD) hitting far above its previous record. What helped push the coin so far forward, and will it continue to climb this year?
Bitcoin’s trade volume is up by 230% for Monday, and its value has risen by 12.67% over the last seven days. The coin set a new record high on Thursday after mixed reporting emerged about a record high for the coin on the Coinbase exchange.
BTC/USDNow, Bitcoin has been climbing for days, setting an unprecedented record for growth, and investors should know why the coin is so high. There are two key factors causing positive Bitcoin growth- a healthy environment and a mass of ETF inflows.
Bitcoin’s Growth Factors
Over the past six months, Bitcoin has grown tremendously, climbing back above $100K and managing to stay there. The current economic environment for Bitcoin is very favorable. At the moment, Congress is considering key legislation that could make it easier to buy and sell cryptocurrency and that could dramatically increase consumer confidence in crypto trading.
President Donald Trump campaigned for the presidency partially on the platform that he would be a pro-crypto President, and so far, he has made good on those claims. For the first time in history, the current administration is greatly concerned about the future of cryptocurrency and sees it as the way forward rather than something to be severely regulated and guarded against.
This has created an atmosphere of incredible investor expectation. The price predictions for Bitcoin have been extremely high over the past six months, with many analysts expecting Bitcoin to have its best year ever and then to do even better next year. We have seen price predictions that place Bitcoin’s value at $50K before the end of the year, and others are expecting much greater growth in coming years.
The other factor that is working heavily in Bitcoin’s favor is the influx of Bitcoin exchange traded funds. With a strong support level for Bitcoin above $100K, the time was right for a positive factor to cause a price surge. That is exactly what happened when reports started pouring in that there was a strong uptick in exchange traded funds. The biggest day of purchases happened on Thursday, when Bitcoin broke its own record. For that day, there were more than $1.18 billion in ETFs bought, which was the biggest day of ETF purchases so far.
This is what helped push Bitcoin higher, and we expect the coin to go much higher before then of the year. The precedent has already been set that BTC can grow exponentially in a short period of time. There may be some pullback over the next few days as trading settles down, but it looks like Bitcoin will be able to hit some of those sky-high price predictions this year after all.
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