The world’s first digital asset broke $64k on Wednesday and is nearing its November 2021 all-time high of $69,044. Just 10 months ago, BTC was trading around $30,000. Let's unpack the factors likely fueling this remarkable ascent. The world’s first digital asset broke $64k on Wednesday and is nearing its November 2021 all-time high of $69,044. Just 10 months ago, BTC was trading around $30,000. Let's unpack the factors likely fueling this remarkable ascent. [Bitcoin IRA]( [BTC hits $60k]( 🎉 BTC passes $60k milestone 🎉 Hi , The world’s first digital asset broke $64k on Wednesday and is nearing its November 2021 all-time high of $69,044. Just 10 months ago, BTC was trading around $30,000. Since then, it's been on a steady climb: - 2 months ago: Hitting $40,000
- 2 weeks ago: Reaching $50,000
- And yesterday: Surpassing $60,000!
Let's unpack the factors likely fueling this remarkable ascent:
- Institutional Fervor: Wall Street is scooping up BTC with both hands following the U.S. SEC's green light on several spot BTC ETFs. Notably, BlackRock's iShares BTC Trust has shattered records, crossing $1 billion in daily trading volume.
- Halving Anticipation: Investors are bracing for a supply shock with the BTC halving less than 2 months away. Skybridge founder Anthony Scaramucci predicts a quadrupling of BTC's price to over $200,000 post-halving.
- Supply Shortage: The relative strength index (RSI) is currently around 86/100, meaning 86% of the market is composed of buyers. With institutional interest soaring and retail investors flocking to the market, the demand has skyrocketed. Meanwhile, the impending halving event will significantly reduce the rate of new BTC supply, which suggests sustained upward pressure on its price in the foreseeable future.
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