Bitcoin News: Bitcoin (BTC) is in an uptrend, posting a massive 81% year-to-date (YTD) surge. BTC is still trading 56% below its all-time high (ATH) of $68,789 registered on November 10, 2021. However, crypto analysts suggest that Bitcoin could see a new ATH this year.
Bitcoin bull run coming?
Bitcoin entered 2023 with a trading price of $16,547. Contrary to sentiment, BTC price has almost doubled since then. Bitcoin price has managed to surge around 60% in the last 90 days to trade above the crucial $30,000 level. It is important to note that the world’s largest crypto price experienced a 36% jump as the global banking system experienced a major meltdown.
Also Read: This One Metric Points to Strong Bitcoin Accumulation Ahead of the 2024 Halving
Crypto analyst Credible Crypto suggested that BTC could hit a new all-time high this year. This implies that Bitcoin will break $69,000 by December, which is the only possible scenario in the aggressive bull run.
He mentioned that the ongoing bitcoin price rally will end somewhere between $30,000 and $40,000. However, there will be a massive accumulation over the next six months that will eventually head towards the new ATH. After that, Bitcoin, hovering around the $28,000-$29,000 price level, managed to break out above the $30,000 price level.
The analyst highlighted that BTC lost the previous $30,000 price level due to the wave of black swan events. The collapse of crypto exchange TerraLuna Labs, 3AC and FTX sparked massive liquidations and panic selling. Read more bitcoin news here…
He added that reclaiming these price levels will cause traders to hang around and those who panicked to sell their holdings to take time to rebuild. This will eventually trigger the ride to $70,000.
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