Bitcoin‘s value has surged to record levels against the Euro, stirring significant interest within the crypto community. Markus Thielen, Head of Research at 10x, suggests that the leading cryptocurrency is on the verge of reaching a new zenith by the weekend. Thielen’s projections come as the market witnesses an unexpected price surge, with investor sentiment remaining bullish due to the noticeable absence of sellers.
Breakthrough in Value
The digital currency has now climbed beyond $67,000, a 6% increase in 24 hours, and is inching close to its November 2021 peak in USD value. This milestone signifies a possible high point for the year 2024, as Bitcoin trades within a 3% margin of its historic high.
Supporting the climb in value, Thielen highlights a significant reduction in Bitcoin reserves on exchanges over the past month. Notably, Coinbase‘s Bitcoin holdings have diminished markedly, suggesting a shift in investor strategy.
Catalysts Beyond ETFs
Thielen observes factors beyond US-based ETFs that contribute to Bitcoin’s rise. He points to BlackRock’s launch of a spot ETF in Brazil and burgeoning trade volumes in Korea. Despite a shift in the flow of investments in products like Grayscale’s GBTC and BlackRock’s IBIT, the financial giant’s new offering is anticipated to continue attracting interest this week.
Investor inflows are holding steady despite climbing prices, signifying a robust confidence in the market’s trajectory. With these conditions, Bitcoin is poised to set a new record high, underscored by these key market developments.
The Countdown to a Historic Peak
Market enthusiasts are eagerly watching as Bitcoin approaches a potentially historic price point, with expectations of a new record being established imminently. With Bitcoin’s dominance at 54.7%, altcoins have felt the pressure, but a short period of price stabilization for Bitcoin could offer them support. At present, Bitcoin’s trading value stands at $66,564, marking a pivotal moment for both Bitcoin and the broader crypto market.