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Bitcoin experienced a rise of over 10% in the last 24 hours, achieving a new all-time high (ATH). In this context, the overall cryptocurrency market capitalization grew by nearly 8%.
Bitcoin is continuing its upward trajectory, reaching new milestones. At approximately 9:00 a.m. (GMT+2), BTC hit a fresh ATH of $89,864, as reported by CoinGecko. Bitcoin’s dominance stands at around 60%, with its market cap surpassing $1.76 trillion. Consequently, the total cryptocurrency market capitalization also achieved a historic high, exceeding $3.14 trillion.
Market participants are feeling optimistic. Peter Brandt, a market analyst, forecasts Bitcoin’s rise to $125,000 by the end of the year, citing past trends in its market movements.
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Another analyst, Jesse Myers, Co-Founder of Onramp Bitcoin, does not provide specific numbers but shares a similar sentiment, emphasizing the upcoming April halving as a significant contributor to BTC’s current increase. He points out that a supply shock has developed over the last six months, with the limited availability of BTC at current prices resulting in demand outstripping supply and elevating the asset’s prices.
However, even among optimistic projections, opinions vary. Ki Young Ju, CEO of CryptoQuant, anticipates a correction due to the “overheated” Bitcoin futures market. He suggests that by the end of the year, the price of BTC may dip below $60,000. Nevertheless, he predicts that the market will begin to grow again in 2025 following a phase of correction and consolidation.
Recently, Bitcoin has reached a new ATH multiple times, influenced by shifts in the political landscape in the United States, favorable macroeconomic indicators, and a positive market atmosphere.
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