Goal

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-finally-reaches-new-all-time-high-breaking-69000-is-btc-aiming-for-100k-next/">Bitcoin Price Finally Reaches New All-Time High, Breaking $69,000! Is BTC Aiming For $100K Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bitcoin has broken its former peak, setting a new record by soaring above $69,000. This achievement surpasses its previous high from November 2021. This latest peak shows Bitcoin’s expanding market capitalization, now nearing the $1.4 trillion mark, a figure that rivals the global value of silver. The climb is partly credited to the continuous ETF inflow into the market. 
<h2 class="wp-block-heading" id="h-bitcoin-finally-meets-long-term-holders-goal">Bitcoin Finally Meets Long-Term Holders’ Goal</h2> 
The moment has arrived. Bitcoin has reached a new all-time high, bringing celebration across the crypto markets. After more than two and a half years since the world’s leading cryptocurrency reached a previous all-time high of over $69,044, Bitcoin has now surpassed that milestone. Achieving a 3% increase in the last 24 hours and a 18% rise over the past week, it has crossed the $69,000 level on platforms like Bitstamp and Coinbase. According to Coinmarketcap, Bitcoin made a new ATH at $69,170. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="976" height="433" src="https://image.coinpedia.org/wp-content/uploads/2024/03/05211956/image-53.png" alt="" class="wp-image-275644" srcset="https://image.coinpedia.org/wp-content/uploads/2024/03/05211956/image-53.png 976w, https://image.coinpedia.org/wp-content/uploads/2024/03/05211956/image-53-300x133.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/03/05211956/image-53-768x341.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/03/05211956/image-53-150x67.png 150w" sizes="(max-width: 976px) 100vw, 976px">
</figure> 
According to Coinmarketcap, Bitcoin’s recent price surge pushed the total market liquidations near $600 million. The arrival of this new all-time high (ATH) is significant, particularly as it comes ahead of the highly awaited Bitcoin halving event scheduled for the summer. 
The surge in Bitcoin’s value can also be due to the market’s positive response to the SEC’s recent approval of spot BTC ETFs earlier in the year. As a result, BTC has seen billions in ETF inflows in recent weeks. Since this development, Bitcoin’s price has soared by more than 50%. 
The market anticipates that the upcoming halving will reduce Bitcoin’s supply, while the availability of these ETFs is expected to increase demand. Together, these factors are believed to send Bitcoin to new price levels. 
Market analysts note that bitcoin, with a market capitalization now exceeding $1 trillion, already entered a bull market in mid-2023. This occurred as BlackRock, the largest asset manager globally, initiated filings to launch a bitcoin exchange-traded fund (ETF). 
The current rally signals the third bull run for bitcoin, triggered by the market’s recognition of bitcoin as an asset worthy of institutional investment, thanks to the ETF, and favorable macroeconomic conditions supporting bitcoin’s growth. 
However, the BTC price has plunged by $2000 after facing selling pressure above $69K. Analysts now give a fair target of $100K in the upcoming months following current market sentiment. 
<h2 class="wp-block-heading" id="h-what-s-next-for-btc-price">What’s Next For BTC Price?</h2> 
Bitcoin has been on a steady upward trajectory for the last few hours. The price broke through $69K but failed to hold buyers’ demand due to increasing selling pressure. As a result, BTC price declined heavily toward $62,500.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/Eyp7x7A2uIxYP62ckld43rpvVX12iMsIXB1BZIDQeYtixf0KYongsFLXJELYbsntpZzSvyoyiRn5wFrybdCmXHed-YBLTsGIPw1b0tqLIpvhOiivASi7mf_GsU1G81OFUCyZdirCifXpkJm2C5KDQGE" alt="">
</figure> 
Following this, the bulls took control once more by rebounding the price from the EMA20 level. This move suggests that buyers are strongly defending a decline below the support lines. 
To trigger a successful counterattack, bulls need to hold the price above its recently achieved ATH. Achieving this could trigger the stop-loss orders of short-term bearish traders, potentially sending the BTC price above $75K.

Bitcoin Price Finally Reaches New All-Time High, Breaking $69,000! Is BTC Aiming For $100K Next?

Table of Contents

CoinPedia News

Other articles published on Mar 5, 2024

South Korea Rally in Bitcoin and Ethereum! New ATH Arrived in BTC! Here's Why!

Dogwifhat (WIF) 750% helps it to gain a spot on Binance

MediBloc (MED) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Singapore MP Tan Wu Meng Advocates AI Adaptation with SkillsFuture Subsidy

Exploring the Optimal Moment for Crypto Investment as Bitcoin Climbs

Bitcoin market cap reaches a new high, briefly surpassing silver

Join our free newsletter for daily crypto updates!