фото показано с : bravenewcoin.com

Bitcoin investors had reason to celebrate this week as the cryptocurrency soared to fresh all-time highs, reaching an impressive $72,612 late Monday, signaling continued bullish momentum in the market.

Source: Brave New Coin Bitcoin Liquid Index

Despite facing resistance at key psychological price levels, Bitcoin’s ascent has been fueled by relentless buying pressure, particularly from spot exchange-traded funds (ETFs). The influence of ETF buying on Bitcoin’s price has surprised many, with longtime bulls now reevaluating their price projections. 

Cathie Wood, CEO of asset manager ARK Invest, has revised her previous forecast, suggesting that Bitcoin could hit $1 million much sooner than previously anticipated.

In an interview with the New Zealand Herald, Wood unveiled updated expectations for institutional involvement in Bitcoin’s price growth. She highlighted the transformative impact of the United States’ first spot ETFs on Bitcoin, emphasizing that even ARK Invest has adjusted its bullish stance on the cryptocurrency. The recent regulatory approval from the U.S. Securities and Exchange Commission (SEC) for ETFs has accelerated the timeline for Bitcoin’s price appreciation, according to Wood.

Ark’s price forecast has been $1 million per BTC by 2030. The forecast has been brought forward. “That target was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline,” Wood explained. “Our target is now above that; it’s well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions has more than doubled,” she revealed.

Wood’s sentiments were echoed by MicroStrategy’s Executive Chairman Michael Saylor, who emphasized to CNBC, Bitcoin’s potential to surpass gold as a store of value. Saylor announced his company’s purchase of an additional 12,000 bitcoins, bringing MicroStrategy’s total holdings to 205,000. 

Source: X

With the new all-time highs, Bitcoin’s market cap surged above $1.4 trillion on Monday, making it the world’s eighth most valuable asset and surpassing silver in market capitalization. However, it still has a considerable gap to bridge before catching up to gold, which boasts a market cap of $14.7 trillion.

The Bitcoin spot exchange-traded funds (ETF) continue to surpass all expectations as investors bought both the ATH and the dip. “These are bananas numbers for ETFs under two months old,” Bloomberg ETF analyst Eric Balchunas wrote on X. 

An impressive six week long price run saw Bitcoin go from $38,000 at the end of January to break the previous all-time high of $68,900.00 last week. The new all-time high today completes a long rally that saw Bitcoin appreciate in value by 190% over the last 12 months.

Bitcoin’s record price run completes an impressive comeback after a brutal bear market and an unfortunate string of bankruptcies, and fraud cases during the past two years. Most other cryptocurrencies, including memecoins have also benefited from the rally across the crypto market.

The run back to new all-time highs was triggered by the approval of a number of Bitcoin Spot ETFs in the U.S. offered by big financial names such as Fidelity and BlackRock. Eric Balchunas, Bloomberg ETF analyst said, “Today is a big moment for Bitcoin but I’d argue just as big a moment for ETFs. The move from 25k to 69k was all or close to all due to ETF approval hopes and/or flows and arguably warranted IMO, ETFs (and its ecosystem) so damn good at taking something and making it liquid, cheap, convenient and standardized. Both the ETFs and Bitcoin mutually benefit one another.”

Source: Bloomberg

Also of note, is that this is the first time that Bitcoin has achieved a new all-time high before the Bitcoin halving event. Popular Technical analyst Rekt Capital said, “In previous cycles, BTC/USD took around 500 days to hit new all-time highs after a halving. Something to consider as we enter a new era for Bitcoin’s price action — we’ve never really seen price action like this before.”

In a surprising turn of events, former U.S. President Donald Trump voiced support for Bitcoin during a CNBC appearance, acknowledging it as an “additional form of currency.” He said, “There has been a lot of use of that [bitcoin] and I’m not sure that I would want to take it away at this point.” 

Trump’s remarks mark a notable shift from his previous characterization of Bitcoin as a “scam” that threatened the U.S. Dollar. He also hinted at the need for regulation to address Bitcoin’s growing influence.

Meanwhile, Bill Ackman, founder and CEO of Pershing Square Capital Management, offered a speculative take on Bitcoin’s future, envisioning a scenario where its price could skyrocket indefinitely. Ackman’s comments sparked a lively debate within the Bitcoin community, with Michael Saylor inviting him for a direct discussion on the topic.

As Bitcoin continues its upward trajectory, fueled by institutional interest and changing perceptions, the cryptocurrency landscape remains dynamic and ripe with potential. Investors eagerly await further developments as Bitcoin aims to solidify its position as a mainstream asset class.

 Finally, a note of caution from BlockTower’s CEO Ari Paul. Paul wrote on X last week, “Every crypto cycle, I turn pessimistic Cassandra around here (in public warnings).  My best guess is that today equates not to October 2021, but more like January 2021. Still think we have 4 innings left in the 9 inning bull market, but… time to start steeling the backbone and psychologically preparing to do a really hard thing – to turn bearish when (almost) everyone is losing their minds as max bullish and the news is purely positive. And also worth noting… we’re *already* in a bubble by many metrics.  Plenty of risks already, particularly in more speculative plays.  For clarity – I’m just starting to *prepare* psychologically to be bearish.  The right time might be 2 years away, but I find game-planning and ‘practicing’ contrarian thinking to be critical to making the right contrarian call in real-time.”

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