Bitcoin Surges Past $70K, Analysts Eye New All-Time High

Bitcoin is currently listed at $70,664.32 with a drop of 1.91% in the last 24 hours. Keeping enthusiasts on the edge is the fact that BTC has climbed somewhat significantly by growing 6.27% in the last 7 days. Additionally, Bitcoin has managed to maintain the $70k+ milestone, raising the prospect of a new all-time high of $85,000 in the near future. Before, it was fluctuating between $67,000 and $70,000. However, the token has entered a sphere by breaking the top barrier.

It has also been amid the turbulence of around $66,000. That came with the potential of touching a lesser value with many analysts speculating price correction ahead of Halving.

Bitcoin’s new all-time high will come soon – Analysts trust & opinions

Many analysts have expressed support for the impending Bitcoin bull run. Additionally, they have provided examples to back up this assertion. Of course, that can be negated by the erratic nature of the cryptocurrency market, so before taking on any crypto ventures, thorough research is still advised.

Michaël van de Poppe, the CEO & Founder of MN Trading Consultancy, has stated the first opinion. Michaël van de Poppe has said that a new upward candle has been lit for Bitcoin as the token is closer to $71,000. Poppe has further said that the market could soon test a new ATH. Value has not been determined in the speculation, so an ATH could be the next big number to the previous ATH, irrespective of the breadth of the margin.

Jelle, a notable crypto investor, has highlighted that leverage has been washed out. Meaning, the market will only have an ATH since there is little to no motivation to sell any portion right now. It can alternatively be a hint at the accumulation done by whales recently.

Jelle has cemented the opinion by quoting that the ongoing trend is the flip of 2021 cycle highs. They believe that an ATH will be in the picture once BTC touches $71,500.

Ali_Charts has said that all BTC has to do is hold above $70,800 and an ATH of $85,000 could be possible. Their speculation is grounded on the thesis that the crypto is breaking out and will eventually make it to the peak. Many have started to point out that Ali_Charts had previously, less than 7 days ago, hinted at a price correction of 5%.

Factors behind BTC pre-halving pump & corrections

A major factor that is causing a surge in the BTC price is the anticipation of a bull run after Halving, that is after April 20, 2024. The monthly candle is green again and the 2021 cycle is being flipped. Alternatively, there is a possibility that BTC may not climb the ladder. It will be after some time, but that could be in May this year.

Predictions are estimating that the best BTC can do is $100,000 by the end of this year. Many analysts have defied that, saying BTC can even go as high as $150,000. Nevertheless, BTC price prediction estimates that $100,000 is the best milestone and a more practical one.

Is the new ATH coming before BTC Halving?

A new ATH may make an appearance on trading charts. The extent, or the level of the margin, is uncertain. For instance, if the previous ATH was $73,000, then the new ATH could be $75,000. Simply put, there is a possibility of an ATH, but the figure is undetermined.

Conclusion

Analysts are optimistic about the bull run for Bitcoin. They believe that a new ATH is around the corner just like Halving. A precise figure should be up and running by the end of April 2024.