Bitcoin soared past expectations to record a new all-time high, reaching $70,330 today. The remarkable 5% increase from its opening price of $66,870 has the cryptocurrency market speculating about the future.
Bitcoin Hits New All-Time High
This surge comes from Bitcoin breaking out of an ascending triangle on its 10-minute chart. This technical pattern underscores the digital currency’s bullish momentum and hints at even more growth on the horizon.
Indeed, this bullish technical formation projects a target of $71,500.
Experts are keenly observing these developments, noting the significant upside potential Bitcoin displays.
Among them, Fundstrat’s Tom Lee stands out with his audacious forecast that Bitcoin could be on its way to a new all-time high of $150,000. This optimism is not unfounded, considering Bitcoin’s resilient performance and proven ability to exceed expectations.
“Sometime in the next 12 or 18 months, Bitcoin can be over $150,000… BlackRock seeing $800 million in inflows. I think as long as there is strong spot demand and aren’t eager sellers, you do have a market that is out of balance, that there is too much demand for Bitcoin, not enough supply created through the block reward,” Lee said.
Read more: Bitcoin Price Prediction 2024 / 2025 / 2030
The current bullish price action to new all-time highs reinforces Bitcoin’s dominant position in the cryptocurrency market and highlights its potential as a lucrative investment for those looking to diversify their portfolios. Indeed, the recent price movement is a testament to Bitcoin’s growing influence and capability to shape the financial system.
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