Bitcoin Price Today: The Bitcoin price has reached new heights in the last 24 hours, hitting a peak of $70,136 after hovering above the $68,300 level. However, it quickly retraced due to profit-booking, and is currently at $68,245.48 as of 8:00 AM. This marks a 1.80% change over the past 24 hours and brings the market capitalization to $1.34 trillion. Year-to-date, Bitcoin has seen a 61.57% increase in price.
What’s Driving the Bitcoin Price Today?
According to Mudrex CEO Edul Patel, the positive market sentiment is fueled by institutional demand, spot Bitcoin ETF growth, and anticipation of the upcoming halving event. IntoTheBlock reports a 5% increase in the number of whales holding at least 1,000 Bitcoins this year. Additionally, 97% of all Bitcoin addresses are currently in a profitable state, indicating high demand. 70% of the 19.6 million Bitcoins in circulation are held by long-term investors, showing a growing trend towards long-term investment. With all these factors, Bitcoin is expected to break its all-time high soon.
Forecast for Bitcoin Price in USD
Giottus CEO Vikram Subburaj predicts further growth for Bitcoin, stating that the current market conditions are volatile but promising. He advises investors to take positions and use tools like SIPs to average out price dips. The upcoming halving event is expected to drive Bitcoin prices even higher, making it a good time for investors to enter the market.
Disclaimer: The views and recommendations above are from individual analysts, experts, and broking companies, and not of Mint. It is advisable to consult with certified experts before making any investment decisions.
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