Bank AI

Bitcoin

Bitcoin (BTC), the leading cryptocurrency, continues its remarkable bullish run, surpassing the $65,000 mark on Monday and inching closer to its <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crossroads-analyst-identifies-level-set-to-determine-next-move/" target="_blank" rel="noopener ">all-time high</a> of $69,000. Simultaneously, BTC has achieved a significant milestone against the Euro as economic concerns escalate across Europe.&nbsp; 
<h2 id="btc-achieves-record-highs-against-14-g20-currencies">BTC Achieves Record Highs Against 14 G20 Currencies</h2> 
Despite previous skepticism from European authorities, Bitcoin has soared to an all-time high of $60,200 against the official currency of the European Union (EU). This achievement is noteworthy, considering the Euro’s recent <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-rally-65k/" target="_blank" rel="noopener ">depreciation </a>against Bitcoin, as depicted in the chart below. 
<img loading="lazy" decoding="async" class="size-large wp-image-596193" src="https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=860&amp;resize=860%2C565" alt="Bitcoin " width="860" height="565" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=2368 2368w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=860&amp;resize=860%2C565 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/GH0n-7SWIAAvdVH.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
On February 22, the European Central Bank (ECB) <a href="https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html" target="_blank" rel="noopener nofollow">expressed </a>doubts about Bitcoin’s potential as a global decentralized digital currency, citing its “limited use” for legitimate transactions. 
The ECB argued that Bitcoin had failed to live up to its initial promise of becoming a widely accepted payment or a reliable investment. It also highlighted the alleged “inconvenience, slowness, and high costs” of Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-profitability-reaches-97-for-the-first-time-in-over-2-years/" target="_blank" rel="noopener ">transactions</a>. 
The ECB further raised concerns about the “history of price manipulation” and fraudulent activities associated with Bitcoin. It attributed these issues to the absence of a “fair value” for the cryptocurrency. However, despite the ECB’s reservations, Bitcoin has experienced a surge in institutional and retail investments.&nbsp; 
The recent approval and success of Bitcoin spot exchange-traded funds (ETFs) have played a pivotal role, attracting inflows of over $7.3 billion to the BTC market within just two months, prompting renewed bullish sentiment in the industry. 
Bitcoin’s success extends beyond its achievement against the Euro. The cryptocurrency has <a href="https://x.com/WhaleFUD/status/1764619031586259042?s=20" target="_blank" rel="noopener nofollow">reportedly </a>reached all-time highs against the currencies of fourteen G20 countries, including the Japanese Yen, British Pound, Australian Dollar, Canadian Dollar, Chinese Yuan, New Zealand Dollar, Swedish Krona, and South Korean Won.&nbsp; 
<h2 id="bitcoin-set-for-potential-surge-to-200k">Bitcoin Set For Potential Surge To $200k&nbsp;</h2> 
Reports of an impending surge in Bitcoin’s value have sparked excitement among investors, as market expert Gert Van Lagen predicts another substantial price increase.&nbsp; 
With <a href="https://www.newsbtc.com/bitcoin-news/blackrock-spot-bitcoin-etf-launches-in-brazil-etf-market-secures-4-of-total-btc-supply/" target="_blank" rel="noopener ">BlackRock’s </a>renewed interest in purchasing Bitcoin and a <a href="https://x.com/rovercrc/status/1764384248650240376?s=20" target="_blank" rel="noopener nofollow">reported </a>scarcity of the cryptocurrency on over-the-counter (OTC) desks, conditions seem favorable for a straight pump to $100,000. Van Lagen <a href="https://x.com/GertvanLagen/status/1764573016833265764?s=20" target="_blank" rel="noopener nofollow">emphasizes </a>that with limited resistance to upward movement, the potential for exponential growth appears limitless. 
The analyst suggests that continued buying by spot ETFs at a rate of $900 million per day, coupled with a shallow market depth of approximately $20-40 million, can drive significant price surges.&nbsp; 
Van Lagen’s <a href="https://x.com/GertvanLagen/status/1764611700693631120?s=20" target="_blank" rel="noopener nofollow">analysis </a>also suggests that based on historical cycles, once the 1.618 Fibonacci extension of the 2018 bear market is breached, Bitcoin peaks within 2-3 months at the 2.272 extension. Currently, the 2.272 extension projects a potential peak of $207,000. 
Looking back at <a href="https://www.newsbtc.com/bitcoin-news/historical-data-signals-bitcoins-imminent-25-plunge/" target="_blank" rel="noopener ">previous cycles</a>, notable patterns emerge. 2013 Bitcoin topped within six weeks at the 2.272 extension of the 2011 bear market after breaking the 1.618 extension.&nbsp; 
Similarly 2017, Bitcoin peaked within three months at the 2.272 extension of the 2015 bear market, following a breakthrough of the 1.618 extension.&nbsp; 
Bitcoin has surpassed the 1.618 extension of the 2018 bear market in the current market. Van Lagen anticipates that Bitcoin will likely peak at the 2.272 extension of the 2018 bear market, estimated at around $200,000.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/JaD4wSyK/" alt="Bitcoin " width="1815" height="858"> 
Currently, the largest cryptocurrency on the market is trading at $65,300, up over 5% in the last 24 hours and over 27% in the last seven days. 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Proves European Central Bank Wrong: Hits All-Time High Against Euro

目次

NewsBTC

2024年3月4日公開の他の記事

TeraWulf Expands Bitcoin Mining Capacity at Nautilus Facility

MicroStrategy stock spikes over 20% as BTC price continues skyward

Exploring XRP’s Ascent: Analyst Forecasts March Milestone

Bitcoin Price Prediction: BTC Blasts Past $65k With New All-Time High In Sight As This Green Bitc...

Polygon's Price Increased More Than 4% Within 24 hours

DeeStream (DST) Shines as TRX & IMX Struggle – What’s Behind the Massive Gains?

ニュースレターを購読して暗号資産の最新情報を毎日入手！