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Bitcoin was earlier poised to hit a milestone of $69,000 by the end of 2024. However, trends have reversed pretty quickly, putting BTC in a position where it is speculated to hit ATH by the end of March 2024. For reference, the token is currently listed at $63,550.06, an increase of 2.69% in the last 24 hours.
Timothy Peterson, a notable BTC supporter, published a post highlighting that the token has surged by 20% in a week 121 times since 2015. He then added that the ongoing pace makes it the best contestant to touch ATH in the next 30 days. Others in the community are way more optimistic about Bitcoin. They have pointed out that venturing out into uncharted territory could work well for them. This is to the extent that BTC may surpass $125k by the end of next year, that is, 2025.
That said, there is a positive momentum in the value of BTC. The market has mostly closed on an uptick note since February 25, 2024. The only downturns noted were on February 29, 2024, and March 2, 2024, by 2.15% and 0.62%, respectively. The most recent change reported is 1.76% at ~$63,175.
Another fact that supports the assumption of hitting ATH this month is that the Bitcoin ETF has bagged $10 billion in AUM within seven weeks. Reportedly, BlackRock’s IBIT reached a value of $10 billion in Assets Under Management in just 39 days from the launch. That is a huge achievement compared to Gold since the first Gold ETF took over two years to bag that value.
SPDR Gold Shares, represented by GLD, were launched in 2004 and took over 2 years, based on a report by the Zero Hedge Finance blog.
Notably, gold is said to have gained just 1% since the beginning of the year. Bitcoin, on the other hand, has gained 50% during the same time window. Sustaining the current trend would place Bitcoin in a more favorable position. BTC prediction estimates that Bitcoin will surpass $100k by the end of 2025-2026. However, the token can defy those estimates for an early achievement.
Timothy has previously said that the rise in Bitcoin is not just centered around ETFs. The token was underpriced for most of 2022, trading below $30,000. Wise investors chose to buy BTC and hold on to their shares for a long time. Next, the reduction of inflation fears instilled a higher risk appetite. This was coupled with the downward pressure on the US dollar and interest rates.
While the ETF did act as a catalyst for price correction, according to Peterson, the ETF story is something that has been blown out of proportion by many crypto enthusiasts. Actual ETF inflows have also played an important role in driving the prices, along with the natural progression of 30%.
Moving forward, it remains to be seen how Bitcoin sustains its ongoing strength.
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