Bitcoin has recently hit a new all-time high (ATH) of $73,750.051. However, the cryptocurrency faced resistance and fell to a support level just above $65,700. While some analysts have expressed concerns about classic top signals such as the explosive growth of memecoin prices and high open interest levels, the long-term prognosis for Bitcoin remains optimistic.
Several factors are driving Bitcoin’s price surge. The most significant catalyst has been the recent debut of spot Bitcoin ETFs in the United States. The influx of capital into these spot ETFs has generated relentless buy pressure in the Bitcoin spot markets. This demand from ETFs has charged Bitcoin’s latest rally, pushing it to new heights.
The price of Bitcoin is predicted to rise by 28.73% and reach $87,856 by May 5, 2024. The yearly low Bitcoin price prediction for 2025 is estimated at $68,932. Meanwhile, the price of Bitcoin is predicted to reach as high as $159,441 next year. The Bitcoin price prediction for 2030 is currently between $204,674 on the lower end and $305,028 on the high end.
The current sentiment is Bullish while the Fear & Greed Index is showing 75 (Greed).
However, predicting whether Bitcoin will touch a new ATH is challenging due to the volatile nature of cryptocurrency markets. Some analysts speculate that Bitcoin could experience a new ATH around 364 days from now, pointing towards the possibility of this milestone occurring in December 2024. Others suggest that Bitcoin is poised to hit a new ATH by the end of May
2024.