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Bitcoin’s price surges past $69,000, new ATH after 20% hike in 7 days

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New year, news ATH for Bitcoin. With the halving around the corner, where will BTC go now?

New BTC ATH

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It is here. Bitcoin’s new all-time high is finally here and the crypto-markets are rejoicing. 

Over 2.5 years since the world’s largest cryptocurrency hit an ATH of over $69,044,  BTC has finally breached that level on the price charts. It did so by registering a hike of 3.24% over the last 24 hours, and 20.69% over the last 7 days. It crossed the $69,000-mark on Bitstamp and Coinbase. 

BTC ATH

Source: BTC/USD, TradingView

A hike driven by…

The timing of this new ATH is important, especially since it comes months before the much-anticipated Bitcoin halving over the summer. 

The world’s largest cryptocurrency’s performance is also a product of market optimism on the back of the SEC finally agreeing to spot BTC ETFs earlier this year. In fact, Bitcoin has climbed by over 50% on the price charts since. 

Simply put, most in the market expect that a combination of tighter supply post the halving and greater demand for BTC through these ETFs will push the world’s largest cryptocurrency to price levels unseen yet. 

As AMBCrypto reported a few days ago, BTC’s latest price hike comes on the back of significant institutional interest. For instance, according to Coinglass, The Open Interest (OI) in BTC Futures on global derivatives exchange CME soared to a record high of $9.3 billion. 

BTC Futures OI

Source: Coinglass

Similarly, AMBCrypto found that institutional love for Bitcoin has risen over the past few months, with entities holding at least 1K coins climbing by over 5% on a YTD basis. 

Bitcoin 1k entities

Source: Glassnode

Is a correction around the corner?

That being said, considering the market’s volatility, a correction may soon be around the corner. However, most experts believe that is unlikely to be a long-term anomaly. 

In fact, most experts like Mike Novogratz believe that the world’s largest cryptocurrency can hike to anywhere between $100K and $150K over the next 12-18 months. 

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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