Bitcoin strives for maximum – Kommersant FM

Bitcoin strives for maximum – Kommersant FM

The Bitcoin price exceeded $66 thousand for the first time since November 2021. Then a historical maximum was recorded - almost $69 thousand. Since the beginning of 2024, the cryptocurrency has risen in price by more than 50%, writes Reuters. Significant growth has come in recent weeks as Bitcoin ETF trading volume has increased. This happened after the launch of the asset was approved by the US Securities and Exchange Commission.

What will happen to the Bitcoin price next? The founder of the BitOK cryptocurrency accounting, control and analytics service, Dmitry Machikhin, believes that the historical maximum may be updated in the near future: “Now there is clearly a bullish cycle, extreme greed. How long it will last is unknown. If we take the past periods preceding halving, that is, the halving of the reward for finding new blocks for mining bitcoins. Each such period before halving, the price rose, and then there was a correction.

It will probably be exactly the same this season. There is about a month left before the halving. Therefore, there will definitely be a slight “cooling”. But globally, the trend for the next six months is serious growth and updated highs. With traditional economies bursting at the seams, Bitcoin has become a completely legal means of investment through the adoption of ETFs, that is, investment mutual funds in the United States. I think this is just the beginning of the journey. It is psychologically important to go beyond the historical maximum of $69 thousand. I think this is achievable.”

Back in November, the Bitcoin rate was around $35 thousand, that is, almost half the current level. At the beginning of 2024, the cost of the cryptocurrency reached approximately $40 thousand. Senior analyst at Nikita Zuborev believes that in the next six months the bitcoin rate may return to this level: “The growth is most likely associated with funds that continue to buy bitcoin in large quantities. The trend will continue in the near future, that is, there are no prerequisites for serious changes in the situation.

The price also includes investors' expectations of the halving. This is a halving of miner rewards, which will occur approximately in mid-April. And perhaps later the trend, on the contrary, will change. And the long-term effect of the halving itself will occur in the next six months. Probably, after such a long growth there will be a correction in the range of $40-50 thousand.”

Over the past week alone, the cryptocurrency has increased in value by about 25%, according to Coindesk data.

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Daria Fomenko

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