Richard

United

Moon

Bitcoin

when

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-spikes-above-71k-what-next/">Bitcoin (BTC) Price Spikes Above $71K; What Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s (BTC) price rallied above $71,000 across different cryptocurrency exchanges during the early London session on Monday. After more than two years trapped in a bear market, the flagship cryptocurrency asset is now in the price discovery phase.&nbsp;</p> 
<p>Consequently, Bitcoin has now reclaimed a market capitalization of $1.4 trillion with an average daily trading volume of about $42 billion. Following the sudden Bitcoin spike on Monday, more than $105 million has been liquidated from the Bitcoin leverage market in the past 24 hours.</p> 
<h2 class="wp-block-heading" id="h-unquenchable-demand-for-bitcoin-nbsp">Unquenchable Demand for Bitcoin&nbsp;</h2> 
<p>The approval of a dozen spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year triggered heavy demand against diminishing supply. Furthermore some of the world’s biggest financial institutions – including BlackRock, Fidelity, Ark Invest, and Invesco among others – have been accumulating more than 10k Bitcoins per day in the past weeks whereas miners are currently producing 900 coins per day.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">BTC ATH 71k. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>With institutional money coming in at this level, we are headed to the Moon <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1767094079509106800?ref_src=twsrc%5Etfw">March 11, 2024</a>
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<p>With Bitcoin’s fourth halving expected in about 40 days, the supply-against-demand shock is expected to escalate further, thus fueling the ongoing bullish outlook.</p> 
<p>Remarkably, Bitcoin’s open interest has gradually increased and is almost reaching $35 billion, which means liquidity has significantly increased in the recent past.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-btc-price-short-term-price-expectations-nbsp">BTC Price Short-Term Price Expectations&nbsp;</h2> 
<p>Bitcoin price will continue to rally in the coming weeks after clearing all the major technical hurdles in the recent past. According to a popular crypto analyst Anthony Pompliano, Bitcoin price is likely to reach $138k in the next three weeks if history repeats itself.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“.. if we go back and look at record high breaks or when we eclipse the old all-time high, three of the four times, Bitcoin price doubled in 18 days or less,” Pompliano <a href="https://www.linkedin.com/posts/anthonypompliano_when-bitcoin-has-broken-all-time-highs-in-ugcPost-7170777185333538816-qmPB?utm_source=share&amp;utm_medium=member_ios">noted</a>.</p> 
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Bitcoin (BTC) Price Spikes Above $71K; What Next?

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