TL;DR Breakdown
- Bitcoin sets a new all-time high at $69,044.
- BTC has been showing tremendous support in the $65K region.
- Wider crypto adoption and soaring inflation indicate a strong future for Bitcoin.
Bitcoin, the most popular cryptocurrency in the world has hit a new all-time high today, reaching $69,044. This jump came after only 2 days of its previous ATH of around $68K. BTC is up by almost 8% in a week.
BTC has continued a bullish momentum for the past month before consolidating and testing support at $63K since late October. However, it seems like BTC might trigger another bull run as it’s inching towards that $70K mark, after a week full of positive news surrounding the leading crypto.
Why is Bitcoin soaring?
Yesterday, Apple’s CEO Tim Cook revealed that he owns both Bitcoin and Ethereum, the two leading coins in the market. Both BTC and ETH prices spiked towards a new all-time high today almost at the same time.
This isn’t the only factor behind Bitcoins continuous success for the last couple of months. BTC has gained tremendous support and confidence throughout the 3rd quarter of this year, which has convinced investors to keep holding and adding more BTC to their portfolios.
Some investors aren’t even waiting for BTC to dip, as they’re buying at any current price. BTC trading volume has been extremely consistent since last month. This is because investors are gaining the confidence that Bitcoin’s value will go much higher in the long run, even beyond the $100K mark.
Earlier last week, both the Mayors of Miami and New York announced that they’ll be taking their salaries in Bitcoin. In addition to that, El Salvador’s mass Bitcoin adoption as the national currency has been widely successful so far. The country has already announced plans to build 20 new schools from Bitcoin proceedings. It seems like there’s a new headline every day about Bitcoin adoption in different industries. Earlier today, South American real estate giants La Haus announced that they’ll be accepting BTC payments from now.
So, these factors have built tremendous confidence in the leading cryptocurrency. Earlier this year, it suffered a massive plunge due to environmental concerns regarding BTC mining. However, it has made quite the comeback in the final quarter of the year.
Will BTC hit $100K before the new year?
BTC has the bullish momentum on its side to keep making new all-time highs. However, $100K might be too much expectation for the next 50 days. But there are signs of optimism on the horizon.
As recorded in October, the US consumer price index increased by 6.2% in a 12 month period, which is the highest rate in almost 30 years. Inflation is skyrocketing, which is bad for our society, but a good sign for crypto holders. Whenever inflation spikes, store-of-value assets like gold and Bitcoin also rises.
So, hoping for BTC to reach $100 by the year-end might be a little too optimistic, but it won’t be impossible or surprising by any means. BTC is currently trading at $66,355.
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