Bitcoin Expected to Reach $75,000

Bitcoin soared by as much as 6.8% to reach a session high of $67,645, bouncing back from a 6% decline on Tuesday

Btc 75k$

Bitcoin experienced another rally on Wednesday in volatile trading, while ether surged nearly 10%, continuing the ongoing crypto frenzy within the investment community.

Bitcoin soared by as much as 6.8% to reach a session high of $67,645, bouncing back from a 6% decline on Tuesday after hitting a previous record high above $69,000. It was last trading up 5.7% at $66,896.

Screenshot_1

Meanwhile, ether surged by 9.8% to its highest level since January 2022, reaching $3,827 and marking an 8.6% increase.

Bitcoin has already seen a 55% surge since the beginning of the year, driven by investors pouring funds into U.S. spot exchange-traded crypto products and the anticipation of potential global interest rate decreases.

Lennix Lai, global chief commercial officer at OKX crypto exchange, noted that the market is receiving additional support from the outlook, which includes an upcoming ethereum upgrade and the bitcoin “halving” that slows the minting of new bitcoins.

The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January marked a significant turning point for the industry, following an 18-month-long crypto winter marked by several high-profile corporate bankruptcies and scandals.

Even institutional investors, who previously avoided crypto due to its volatility, have started committing long-term investments, potentially bolstering the current rally, according to experts.

The optimism surrounding bitcoin has spilled over to other digital tokens, notably ether, which has surged by over 60% since the beginning of the year.

However, some analysts caution about the speculative nature of these assets. After reaching a record high on Tuesday, bitcoin sharply reversed course, dropping more than 10% below the $60,000 level.

Matt Simpson, senior market analyst at City Index, described this as “classic bitcoin behavior,” suggesting that the market might be entering a volatile and erratic phase typically seen after reaching record highs.

Deutsche Bank strategist Jim Reid pointed out that bitcoin is still some distance away from its all-time high in real terms adjusted for inflation.

“Consumer prices have risen by over 10% since the previous peak in November 2021, so in real terms, that would be above $75,000 in today’s prices,” Reid said.

4.9/5

(13 votes)
  1. Avatar of fatima muhd
    fatima muhd

    hi

  2. Avatar of Umar Tukur
    Umar Tukur

    Nice I like this

  3. Avatar of
    Anonymous

    Helpful 💯

  4. Avatar of Samuel idoko bala
    Samuel idoko bala

    Please when are we going to collect the Bitcoin

  5. Avatar of
    Anonymous

    Very good

  6. Avatar of Adeoye
    Adeoye

    @bala what Bitcoin are you collecting?

  7. Avatar of
    Anonymous

    Excellent

  8. Avatar of Hamisu Adamu
    Hamisu Adamu

    All the best

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Binance Announces Mew Memecoin Listing On Binance Futures

Editor Choice | Altcoin

Binance Announces MEW Memecoin Listing on Binance Futures

Binance Exchange Announces Listing of Cat in a Dogs World (MEW) - A Memecoin Developed on Solana, on Binance Futures.

Azcnews Eth Drops Sharply As Whales Increase Accumulation

News | Altcoin | Editor Choice

ETH Drops Sharply as Whales Increase Accumulation

Ethereum whales have accumulated substantial amounts of ETH over the past few days. Despite these developments, the price has remained stagnant.

How To Receive Notcoin (not) On Bingx

Airdrops | Editor Choice

How to Receive Notcoin (NOT) on BingX

The cryptocurrency exchange BingX is excited to announce the listing of Notcoin (NOT) on its platform. In celebration of this listing, BingX is launching a Notcoin rewards program with a massive total prize pool of 2,500,500 NOT.

Azcnews Bitcoin Drops To $65,000 Despite Positive Indicators

News | Bitcoin | Editor Choice

Bitcoin Drops to $65,000 Despite Positive Indicators

Bitcoin's price has dropped nearly 5% over the past seven days. Most metrics and market indicators suggest that this downward trend is likely to continue.

Guide To Participate In The Beacon Airdrop

Editor Choice | Airdrops

Guide to Participate in The Beacon Airdrop

The Beacon is a fantasy-themed roguelite role-playing game developed on Arbitrum. The Beacon has confirmed that it will conduct an airdrop for the community through various missions. Join the AZCNews team in participating in The Beacon Airdrop today!