Bitcoin price reached a new all-time high above $69,200 on March 5 after gaining 5%&nbsp;in the previous 24 hours.
The world’s first cryptocurrency rallied over 21%&nbsp;during the past week to shatter the previous all-time high price of $68,990, which was recorded on the Coinbase exchange on Nov. 10, 2021.
The record high follows large inflows from the new spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded funds (ETFs) in the United States.&nbsp;
The ETFs have introduced passive, price-agnostic demand for Bitcoin, which has fortified its status as a store of value and led to its price appreciation, according to a research report by Bitfinex analysts shared with Cointelegraph.
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 “Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”
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According to the analysts, the spot ETFs could dampen Bitcoin’s downside volatility after reaching new cycle tops:
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 “The fact we now have ETFs potentially means that any decline following the top of the current cycle could be less drastic than previous downturns. We saw a similar stable trajectory in price after a huge increase following the launch of gold ETFs.”
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Bitcoin ETFs have been an important element of the current rally. By Feb. 15, the&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="noopener noreferrer nofollow">Bitcoin ETFs accounted for about 75%</a> of new investment in the world’s largest cryptocurrency&nbsp;as it surpassed the $50,000 mark, according to CryptoQuant research.
<a href="https://cointelegraph.com/news/microstrategy-adds-3k-btc-etfs-surpass-gold" rel="noopener noreferrer nofollow">Bitcoin ETFs could overtake gold ETFs</a> in assets under management in the next two years, according to a Feb. 26 research report shared by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp.
Despite the new all-time high, Bitcoin could experience significant volatility after the upcoming halving, according to Paul Eisma, head of options trading at XBTO Futures. Eisma told Cointelegraph:
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 “The crypto ecosystem, for the first time, will have simultaneous pressure from the halving’s deflationary supply impact as well as the still ongoing demand shock from the ETFs. […] The options market December 2024 at-the-money forward break-evens are currently pricing in a range of $55,000–$85,000, with implied volatility around 65%.”
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Related: <a href="https://cointelegraph.com/news/ether-etf-approval-insights-keyrock-ceo" rel="noopener noreferrer nofollow">Crypto’s next leap: Ether ETFs through Keyrock’s kaleidoscope</a>
This is a developing story, and further information will be added as it becomes available.

Bitcoin price hits a new all-time high

Cointelegraph

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