- Bitcoin (BTC) just went past $73,000 today to register a new record high.
- A $100K per BTC is now becoming closer to reality, but a significant dip may shake the market off before that.
The prospect of Bitcoin passing the $70K line used to be a ‘meh’ for pundits since the long crypto winter in the past few years erased most of its gains from 2021. However, as the leading cryptocurrency by market cap passed that point to the current $73.64K all-time high (ATH), some have shifted their sights on it.
Now, the previous predictions of $100K to $200K per Bitcoin no longer feel like a shot to the moon as the digital asset continues to maintain a strong bullish momentum on the way to its historic halving. But where is BTC heading next?
The New ATH of Bitcoin
Bitcoin rose over 2% on the 24-hour chart with a new all-time high of $73,637.47 around 8:00 AM UTC today after a short dip at $68,728.85 last night. As of this writing at 10:00 AM, it is standing its ground above $73,200.
The same frame saw its trading volume spike by 16% as $64.04 billion worth of BTC changed hands between wallets and exchanges. Meanwhile, the 19.65 million circulating supply of the virtual currency is now worth $1.44 trillion, which is already more than $60 billion above silver’s market cap.
Is It Heading to $100K?
Financial analysts in the crypto sector firmly believe that Bitcoin has plenty of rocket fuel left for its journey up. With that, the $100K target is becoming imminent. But then again, the consensus doubts it would come before the halving.
Bitcoin’s steep climb in the past few weeks to the recent ATH is ringing some alarm bells. Rekt Capital, in particular, claimed that its market is now showing heavy signs of overheating.
Looking also at the behavior of the crypto asset during the past epochs where it fell by 20% prior to the 2020 halving and retraced by 38% in 2016 pre-halving, the one happening before April’s halving hits may be no different. If there’s any consolation, the upcoming pre-halving dips may no longer be as hard as the previous ones as the gradually growing institutional demand for Bitcoin may cushion the dive.
Should Bitcoin emulate the first few months of the previous two post-halving cycles, the momentum could bring it somewhere between $100K and $300K according to Ecoinometrics.
