Volatility is yet to clear up in the digital currency ecosystem but Bitcoin (BTC) price has showcased its resilience thus far, returning to the $68,000 level. Bitcoin bulls are unrelenting, sending the price up 1.35% in 24 hours pushing it up from a low of $65,655.53 earlier in the day.
Bitcoin Price Overview – This Week in Recap
BTC price entered the week with a ranging motion as its spot valuation hovered around the $61,000 range. With the sustenance of buying momentum by spot Bitcoin ETF issuers, the supply crunch triggered a rare buying momentum that sent the Bitcoin price to its All-Time High (ATH) of $69,170.63.
Bitcoin price waited for more than 2 years before retesting its previous ATH and though almost all BTC addresses up to 100% became profitable per estimation from crypto analytics platform IntoTheBlock (ITB), a major cool-off was recorded that later dragged the coin’s valuation back to $61,440.
The coin has been making a series of attempts to return to the ATH but investors who had earlier been in profit are skeptical of re-investing their capital into acquiring the coin. The roller coaster has helped Bitcoin price stay above the psychologically important level of $61,000 despite critics calling for a more damning drop.
While attention shifted to price, the influence of spot Bitcoin ETFs remains a defining feature as it continues to shape the interest of institutional investors. With consistent accumulation, Bitcoin proponents have labeled the correction a healthy one that is necessary to help reboot the price of the flagship digital currency.
Bitcoin Projections and Core Catalysts to Watch
At the current level, market experts like “Rich Dad Poor Dad” Author Robert Kiyosaki are projecting a $300,000 price target for Bitcoin by the end of this year. Robert Kiyosaki’s optimism for BTC price has always been optimistic even before the approval of the spot Bitcoin ETFs.
Other proponents like Ark Invest’s Cathie Wood and CEO of Jan3 Samson Mow have even bigger projections of $600,000 and $1.5 million respectively.
The upcoming Bitcoin halving event is a major trigger that is poised to complement the current demand from spot BTC ETF products. With supply set to be reduced by 50%, the supply crunch, if demand is sustained, will be so intense that the market is set to price the cryptocurrency higher.
BTC price is currently above both its 50-day and 200-day Moving Averages, an indication of bullish sentiment in both the short and long terms.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
