After collapsing to $15k when FTX filed for bankruptcy, Bitcoin has now reached $72,661, a 480% increase from the $15k price region. Many bears anticipated that the price of Bitcoin would only drop further—to $10k or less—after it plummeted to the $15k mark.
This year Bitcoin as shock many people has it has refused to even trade below the $30k region and has been pumping ever since, breaking the previous ATH and even creating a new one. Although some people still refused to accept that we are in the bull run and are still saying we are still going down. In fact, I came across a piece recently stating that Bitcoin is simply setting up a bull trap and will eventually drop to $30,000 or less.
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Although I disagree with the prediction that Bitcoin will trade for $30k or less, I can confirm that there is still some liquidity in the market for Bitcoin around $50k. But this is just my personal opinion.
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#### 100k Possible?
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The approval of the Bitcoin Spot ETF was the catalyst for Bitcoin to break over it previous ATH and create a new one at $72.6k. At this point, the price of Bitcoin is only $27.4k away from $100k, or a 27.4% pump from its current level. Now that Bitcoin has reached a new all-time high, it's time to watch if it can hold steady in the $70k range and surge towards $75k, which is the next major barrier to overcome before the halving. From there, the price of Bitcoin should start moving toward $80k and possibly even above $89k. Whatever happens with the spot Bitcoin ETF, the overall trend for bitcoin is bullish.
It appears like Bitcoin is riding the wave of momentum generated by the approval of the Bitcoin Spot ETF. With ease, Bitcoin will surpass the $100,000 price target.
