Bitcoin (BTC) Price Breaks Its Previous Record, Reaching $87,000

Amid growing concerns over escalating U.S.–China trade tensions and the weakening U.S. dollar, gold – the traditional safe-haven asset, broke its previous record

Amid growing concerns over escalating U.S.–China trade tensions and the weakening U.S. dollar, gold – the traditional safe-haven asset, broke its previous record, reaching $3,384 per ounce on April 21.

Shortly after, Bitcoin followed a similar trajectory, surging sharply to the $87,000 level – its highest point in nearly a month. This movement echoes mid-2020, when BTC began to be recognized as “digital gold” by institutional investors.

Bitcoin’s Performance Silences Doubts

Data from TradingView shows that Bitcoin’s dominance (BTC.D) surpassed 64% in mid-April – the highest level since 2021. This surge reflects a return to “safe haven” assets within the crypto market, as capital temporarily exits more volatile altcoins.

Bitcoin Dominance – Source: TradingView

Market history shows that every major crypto bull cycle begins with Bitcoin leading the way before momentum spills over into other digital assets. Analysts view the rise in BTC dominance as a positive accumulation signal for a new growth phase.

Two structural factors are fueling this renewed optimism: the Bitcoin halving event in April 2024 and renewed inflows into spot Bitcoin ETFs.

On April 17, total net inflows into U.S.-listed Bitcoin ETFs reached $106.9 million, the highest in nearly a month, according to Blockchain.News. BlackRock’s IBIT fund accounted for over 75% of the total capital. Institutional investors view this trend as a strong response to the correction from the $74,000 peak in March.

In the long term, the halving reduces daily BTC issuance by half, naturally creating upward price pressure. Historical data shows that in all three previous cycles, BTC prices surged 6 to 12 months after each halving event.

Read more: JP Morgan: Investors Prefer Gold Over Bitcoin as a Safe-Haven

Long-Term Forecast: $1 Million to $1.5 Million – Hope or Just a Hype?

Robert Kiyosaki, author of the best-selling book Rich Dad, Poor Dad, recently reiterated his belief that Bitcoin could reach $1 million by 2035. In a post on X, he warned, “A Great Depression is coming. Credit card debt, student loans, and national debt are exploding. Unemployment is rising, and pensions are going bankrupt. You should stock up on gold, silver, and Bitcoin before it’s too late.”

Kiyosaki’s argument centers on the looming collapse of the traditional financial system. He believes governments and central banks will be unable to stop the spiraling debt and currency devaluation. To him, Bitcoin is an “escape-from-the-system” asset, much like gold was in the 20th century.