Bitcoin's recent ascent over $37,000 has industry advocates forecasting wider embrace by public
Bitcoin, the largest cryptocurrency, has eclipsed the $37,000 mark for the first time since May 2022. It recently reached an intraday high of $37,140 on the Bitstamp exchange.
This latest surge comes amid a broader rally on the crypto market, which has seen a steady rise over recent months.
This rise has promoted predictions of an even bigger rally for the world's premier crypto coin.
The upward trend has captured the attention of prominent industry figures, with early Bitcoin advocate Tuur Demeester weighing in on the potential for further growth.
Optimism on rise
Bitcoin's current rally has not only surprised investors with its vigor but has also led to renewed optimism among cryptocurrency enthusiasts. Tuur Demeester, an influential voice in the Bitcoin space, suggested that mainstream attention is yet to peak. On X, he noted, "Also retail is entirely not paying attention still. Once #bitcoin pushes past $40-50k, regular people will begin to wake up—feeling like a giant bullet train is whizzing by their doorstep."
His sentiment echoes another Bitcoin advocate, Alistair Milne, who recently commented on the stellar year-to-date performance of the top cryptocurrency, noting that everyone "still seems bored/unhappy."
The early adopters believe that Bitcoin's current performance is just the beginning, with the potential to draw in a wider audience as it climbs.
JPMorgan strikes anote of caution
However, not everyone shares the bullish outlook. A counterpoint to the enthusiastic projections has been provided by analysts from JPMorgan. In a recent report, they have dubbed the crypto rally as "overdone" and maintain a cautious stance on the market's future trajectory.
Despite potential catalysts like the approval of a Bitcoin exchange-traded fund (ETF), JPMorgan analysts, including Nikolaos Panigirtzoglou, have questioned the sustainability of the rally. They believe that the market's current exuberance may be premature.
Adding to the cautious voices is George, a popular trader on social media, who is currently short on Bitcoin. He cites the fact that the cryptocurrency is approaching high-time-frame resistance levels as the reason behind his bearishness.