The price of Bitcoin has begun its rally back to the upside, hovering around the $70k zone, as experts predict a new all-time high. With the price of Bitcoin currently trading at $70,458 as of the time of writing this report, analysts disclosed that the recent approval of Spot Bitcoin exchange-traded funds (ETFs) has amplified the process for investors to gain exposure to Bitcoin. According to them, this development has the potential to significantly increase demand for Bitcoin and diminish supply.
However, as transformative as this has increased access for retail investors, they note that it will pale in comparison to the tidal wave of demand anticipated from institutional investors entering the market. Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here. Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and i nvest in Africa’s finest startups here . Recall that after the fourth crypto halving that occurred in April this year, Bitcoin failed to drop below $56k and recovered in a bullish fashion, indicating the emergence of the bullish flag on a broader scale. With the price of Bitcoin surging to the upside, several crypto experts have rolled out their predictions.
Crypto expert Michael van de Poppe outlined an important price level from which Bitcoin must break out. He claims that once it achieves a successful breakout, the flagship crypto will see a new all.