By Raúl Rodríguez Cota
05 Mar 2024, 10:30 AM EST
Bitcoin reached a new all-time high, surpassing the $69,000 barrier today, Tuesday.
This achievement is driven by the purchase generated by Bitcoin ETFs and the next halving event that will occur in April and which has accelerated the bullish trend of the cryptocurrency.
This latest record surpasses the previous mark of $68,982.20 that was reached on November 10, 2021.
Experts in the sector, such as Alex Thorn of Galaxy Digital, highlight the resilience of Bitcoin: “The fact that Bitcoin regained its all-time high once again shows that it will never go away. In its 15 years of existence, Bitcoin has had four drops of 75% or more, and each time it has come back strong.”
On the other hand, Kaiko’s Clara Medalie sees this new record as a key psychological goal that highlights the cryptocurrency’s ability to overcome adversity.
The recent rise in the value of Bitcoin is attributed to several factors, including the launch of Bitcoin ETFs in the US and the reduction in Bitcoin supply prior to the halving at the end of April, an event that seeks to generate a shortage of Bitcoin. this active.
This rally represents a victory for a cryptocurrency industry that faced regulatory risks, especially after the collapse of the FTX exchange in 2022.
Despite criticism that has compared Bitcoin to financial bubbles and scams, the adoption of Bitcoin ETFs has given legitimacy to the cryptocurrency, attracting an increasingly large number of investors.
However, with the recent increase in value, analysts warn of possible corrections in the market, anticipating that the price could fall between 10% and 20%.
Keep reading:
– How much money would you have if you had invested $1,000 in bitcoin 1, 5 and 10 years ago
– How much money would you have today if you had bought $1 of Bitcoin the day it was launched?
– Analyst predicts that the price of Bitcoin will be between $200,000 and $600,000 by 2026