Bitcoin all-time high: Records expected to fall as BTC nears $69,000

  • According to Changelly blog, bitcoin price will reach $69,215 on March 11, 2024. In November 2021, bitcoin hit a record high of $69,000.
  • This year, the largest cryptocurrency by market value has experienced a 50% increase, with the majority of the gains occurring in recent weeks due to a spike in inflows into U.S.-listed bitcoin funds.
  • Additionally, crypto enthusiasts anticipate even greater profits with bitcoin’s “halving,” an event occurring roughly every four years where the number of bitcoins entering circulation is halved.

Bitcoin is on the verge of reaching its all-time high, and according to at least one blog will reach $69,215 on March 11, 2024.

Bitcoin’s all-time high

Changelly, an instant-execution crypto exchange, published a blog post discussing future bitcoin prices for today, tomorrow, and the next 30 days. According to the statistics provided, on March 11, 2024, the price of bitcoin is projected to reach $69,215, surpassing the previous all-time high in 2021.

In November 2021, bitcoin reached a record high of $69,000.

Furthermore, it predicts that the bitcoin price will continue to rise, with an increase rate of around 5% every day, even surpassing $70,000 this April.

Also read: U.S. bitcoin ETF approval sees $4.6 billion trading volume on launch day

Legalisation of BTC sparks enthusiasm

This year, the largest cryptocurrency by market value has increased by 50%, with the majority of the gain occurring in the last few weeks due to a spike in inflows into U.S.-listed bitcoin funds.

Earlier this year, U.S. authorities legalised spot bitcoin exchange-traded funds. Their introduction provided access for new major investors and has sparked renewed energy and enthusiasm similar to the surge to all-time highs in 2021.

The head of research at Singapore’s 10x Research, a cryptocurrency analytics firm, Markus Thielen, stated, “The flows are not drying up as investors feel more confident the higher price appears to go.”

According to LSEG statistics, net flows into the top 10 U.S. spot bitcoin funds were $2.17 billion last week, with BlackRock’s iShares Bitcoin Trust receiving more than half of that amount.

Also read: 7 things you need to know about the bitcoin halving

Bitcoin enthusiasts bet big on halving

Crypto enthusiasts have also contributed to the bitcoin boom, believing that the “halving” will result in even greater profits.

Bitcoin halving occurs roughly every four years, during which the number of bitcoins entering circulation is halved—a built-in feature of the cryptocurrency, designed to ensure its finite nature.

The value of bitcoin is predicted to increase as it gets closer to scarcity.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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