- Bitcoin is on the rise as it hit a new all time high after six months, surging over $66,000 last week.
- The approval of the first Bitcoin ETF by the SEC, which went live on the New York Stock Exchange on Tuesday 19th, had been a key factor in the recent price boost.
- In other developments, ETH, and other Altcoins, have also recorded massive gains, taking crypto’s market cap even higher.
- How far can Bitcoin go? Standard Chartered and other firms aim for above $100,000.
The volatility of the crypto market has been one of the highlights of the market year after year. Bitcoin, which was founded in 2009, has received massive adoption over the years, shocking many of its doubters.
Over the years, skeptics of crypto have gradually changed their positions on the digital asset. Government officials, and many of the big agencies spearheading centralized finance, have added cryptocurrencies to their offerings in an effort to tap into the growing crypto community.
As the positives continue to mount in the market, Bitcoin has made it above the $60,000 mark, a position it had held for quite a few weeks, even potentially rising to a new market high. As the market continues on a bullish trend, many are wondering how high Bitcoin can go before the end of the year.
Still wary of the Chinese clampdown and other related regulations, bearish investors have expressed concerns that a single big government decision could send the price crashing again, wiping billions off its market capitalization.
Bitcoin to Hit $100k
Judging by recent events, there’s only one possibility for Bitcoin: another massive rally. 2021 started great for the top coin as it received a lot of adoption. From Tesla to centralized finance with JP Morgan, Morgan Stanley and others, its adoption was huge, leading to a massive price rally, and eventually an all-time high in April, with many projections suggesting that it would soar past $100k.
The rise of bitcoin had a ripple effect on the prices of other coins, until tragedy struck with the Chinese mining clampdown, which saw miners abandon operations in the crypto mining hub. This led to a crash in the price of Bitcoin, leaving many with doubts about the $100k dream.
In recent weeks, the market has witnessed many positives for Bitcoin, leading to a price surge. Bitcoin gradually surpassed the $40k and, more recently, $55k resistance levels as the hash rate stabilized due to miner migration to the US. With the miners back in action, Bitcoin is expected to gradually perform at the high levels it did earlier in the year.
Research by British banking giant Standard Chartered points to the possibility of Bitcoin hitting the $100k mark in a few months. The report was initially released when the coin was still struggling to hit $50k, and now looks more believable to users as the coin reached its new all-time high at above $66,000.
New ATH and the Reasons Behind It
The price of bitcoin has been slowly gaining ground with the rise of its hash rate, the adoption of Bitcoin by El Salvador, and, most importantly, the launch of the first Bitcoin ETF.
The adoption of Bitcoin as a legal tender in El Salvador was proof that, despite the storms from the mining crash, Bitcoin will still be adopted in many countries. The approval of a Bitcoin ETF in the US by the SEC was widely appreciated, as it was viewed to be a long time coming after several failed attempts.
The launch of the ETF was tipped to open more markets for Bitcoin in traditional finance, potentially giving Bitcoin more adoption. The first Bitcoin ETF generated over $1 billion in trading volume on the opening day, setting the pace for many others to follow. Bitcoin has reached a new all-time high at above $66,000 with the success of the ETF and its growing mass adoption.
The success of the Bitcoin ETF has led to speculation of a potential ETH ETF in the future. Bulls are wasting no time in speculating a price over $100k for Bitcoin, which may even be before the end of year, should BTC keep this tempo.
On The Flipside
- Bitcoin is a volatile asset, and its price can be reduced by half, as it was in June as a result of China’s ban.
- It may be too early for bulls to be anticipating BTC reaching a price over $100k.
Why You Should Care?
The price of bitcoin has just hit a new all-time high after six months with lots of possibilities for the future. Some users think that a market correction is imminent, but the look of things shows the price of bitcoin breaking new barriers.
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