TL; DR Breakdown
- Bitcoin has set a new price record
- Crypto’s price rise driven by three key factors
- Bullish sentiments still running high
Bitcoin is once again making huge headlines after smashing the most recent ATH. Just last month, the crypto set an ATH of just over $61,000. This record seems to have been surpassed as BTC reached and surpassed the $62k price range a few hours ago. The crypto went on to hit a new All-Time-High of $63,253. At the time of this writing, BTC’s price stands at $62,980, a fairly small pullback after setting the new record. The news was broken on Twitter by various entities, with Binance’s tweet being one of the most notable.
Notably, this isn’t the only day that the Bitcoin market has felt intensely bullish. Bullish sentiments have been shared by various top market players since early in the year. The beginning of 2021 saw BTC open the new calendar with a $30k in price. Today, that price has more than doubled.
Key reasons
There a few good reasons backing up this sudden price action. Yesterday, Time Magazine reportedly entered a contract with Grayscale to capture and air crypto-related videos, and the payments for this contract will be made in Bitcoin. Time Magazine has therefore confirmed that it will be including BTC in its balance sheet.
News of a new Bitcoin ETF application tabled to the SEC by Galaxy Digital may also have contributed to the crypto price swing, besides another potentially very potent market development involving the largest Bitcoin exchange in the US, Coinbase. On April 14, Coinbase is going public, a move that has had a lot of people airing strongly expectant sentiments for BTC’s price in the coming days.
How far can Bitcoin go?
With the current market dynamics expected to keep Bitcoin in the headlines for the foreseeable future, there are strong indications that the crypto is headed to the moon – at least according to the many analysts and investors in the market. According to the CEO of Celsius, BTC could reach as high as $160k this year.
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