Bitcoin (BTC) Is Getting Close to Its All-Time High Price — Just 4% Away from Hitting $110,000

As of now, it's trading around $106,183 with a market cap hitting $2.11 trillion. And now, many people in the crypto world are asking, can Bitcoin hit a new record in the next 24 hours?

Is Bitcoin (BTC) getting close to hitting a new all-time high price in the next 24 hours? Many people in the crypto world are wondering about this, especially as it’s currently trading around $106,183 with a market cap hitting $2.11 trillion.

To answer this question, let’s take a closer look at the latest developments in the market.

Bitcoin Is Getting Close to ATH Price

The price of Bitcoin is getting closer and closer to its all-time high, which is $110,000. It's now just a 4% up move away from hitting that mark.

After falling below the $75,000 level in April due to global market pressure, Bitcoin has bounced back strongly, gaining 22% over the past month. It recently even tested the $107,000 level. Now, everyone is focused on whether it can break through to the $110,000 mark.

If we look at the bigger picture, this surge in price and momentum is putting the early 2021 setup in mind, rolling into the last major bull run, rolling into the new all-time high. Of course, there’s data to support this statement.

Daily Price Swings Support the Possibility

One important number to watch is Bitcoin’s 30-day volatility, which shows how much the price might move. Right now, it suggests Bitcoin can go up or down by about 2.5% in a day.

Considering today’s price, that means it could reach around $109,123, which is very close to its highest price ever.

So yes, Bitcoin could hit a new all-time high today.

Institutions Are Buying Massively

Investor interest has been phenomenal. U.S. Bitcoin ETFs have pulled in nearly $6.9 billion in just three weeks. Big companies are buying too, Strategy (formerly MicroStrategy) added 7,390 BTC, and Japan’s Metaplanet recently bought 1,004 BTC.

On top of that, Bitcoin futures open interest has hit a record high of $75 billion, showing that traders are betting big on price growth.

Top Analysts Say “Yes”

Crypto experts are also feeling positive about the possibility of Bitcoin hitting a new ATH.

Well-known analysts like Ali Martinez say that if Bitcoin manages to close a candle above the Fib (78.6) at $107,593, then the next price target could be Fib (88.6), which lies at $111,500.

Other analysts, like Michael van de Poppe, are optimistic and believe that a new ATH is not just possible but likely to happen sooner than expected. He predicts that Bitcoin will hit $120k even sooner.

suggest that a new all-time high is possible but that it depends on whether a specific Fibonacci level is reached. According to him, if the price manages to close a candle above the Fib (78.6) at $107,593, then the next price target could be Fib (88.6), which lies at $111,500.

This statement comes as Bitcoin faces strong resistance at the $107k-$108k range, struggling to break through despite several attempts throughout the day.

However, despite the setbacks, there are still signs of bullish momentum. For instance, U.S. Bitcoin ETFs have pulled in nearly $6.9 billion in just three weeks, highlighting the massive influx of institutional capital into the crypto market.

Moreover, Strategy (formerly MicroStrategy) disclosed in a Form 8K filing that it had purchased an additional 7,390 BTC, showcasing the company’s persistent interest in accumulating the flagship cryptocurrency.

Furthermore, Japan’s Metaplanet has reportedly bought 1,004 BTC at an average price of $99,798, showcasing the expanding footprint of institutional investors venturing into the cryptocurrency domain.

Ultimately, the direction of Bitcoin’s price will depend on the interplay of these institutional activities, macroeconomic trends, and technical indicators. As the world's leading cryptocurrency continues to evolve, it will be interesting to observe how these factors unfold in the days to come.