Bitcoin Could Reattain Its ATH of $73K in the Weeks to Come

Enough with all the headlines underscoring possible new ATHs for Bitcoin and long-term price speculations. The crypto market abounds in price predictions, presumptions, conjectures, and everything in between, for everyone has a more or less researched and enrooted opinion on the future of the tech developments that disrupted the traditional financial system. Since they gave wings to decentralized finance, it’s crystal clear that new, skilled or upskilled experts had to emerge and enlighten the interested parties lacking substantial economic and financial knowledge. As many crypto analysts and experts confidently rolled their dice not long ago, Bitcoin was nice enough to turn their suppositions into reality, so those who listened to them and perfected their trading strategy accordingly now have all the reasons to rejoice.

Bitcoin has finally breached a long-awaited level of $70K, hitting a two-year high and inflicting hopes for a new ATH on the horizon. After surging two days before March and shooting above the $73K level for the first time since November 2021 in 2024’s fifth month, the asset succeeded in growing by over 5% over the past few days.

As the leading cryptocurrency is now within touching distance of an unprecedented record price, the better part of the crypto community places bets on continuous growth, learning how to buy Bitcoin p2p. There are, indeed, numerous reasons why one would believe in a surging price, which we are going to discuss in the paragraphs below, so keep reading!

Bitcoin price hit new highs as more financial institutions have been endorsing the asset

As the harbinger of the digital currency era, Bitcoin continues to assert its supremacy as the prevailing cryptocurrency in discussions among the masses. The preeminent status it enjoys within the blockchain realm might engender the perception that it represents the pinnacle of blockchain technology, which is enough of a reason why the cryptocurrency industry is experiencing exponential growth, expanding at an astronomical rate. In this equation, financial institutions such as brokerages and banks possess the most power to influence Bitcoin’s destiny.

After the SEC made Bitcoin investments easier in the long-anticipated move, the 11 institutions that were given the O.K. to begin offering ETFs brought about good news for the industry.

The latest Bitcoin rally seems to be fueled by institutional investments, dawning the dawn of another era in the financial markets where rising demand intercalates with the supply shock. Investors are flocking to Bitcoin ETFs, and as many crypto experts express, this is the main driver of the price upticks. Stephane Ouellette, CEO at FRNT Financial, a project fusing crypto with institutional TradFi, states that the heightened institutional investment in the asset is behind the crypto’s rally, so we have all the reasons to believe that the performance of Bitcoin will stick to an upward trend.

News-based trading to contribute to price upticks

The prices of Bitcoin and any other cryptocurrency suffer fluctuations depending on how positively or negatively they are reflected in the news. Therefore, if you rely on the media’s coverage of Bitcoin, you’ll need to closely monitor the news and current or upcoming events that can help you gain a glimpse of the asset’s future performance. Your trades will depend on your expectation of the market’s reaction to the different events impacting the coin’s value.

Not long ago, the SEC approved submissions for the development and public offering of Bitcoin traded exchange funds (EFTs), after which the price of the asset smoothly rose. Indubitably, as the announcement’s moment was approaching, investors were more and more involved in their portfolio management and the shares dedicated to Bitcoin.

This is the largest milestone for the giant cryptocurrency this year, so it’s clear as the light of the day that it was almost impossible for the asset to go down unless some economic disruptions occurred. Ethereum is, too, enjoying a similar achievement after ETH-based ETFs received their O.K. not long ago.

Now that Bitcoin has timidly touched the $68K price point again, media news sticks to the created pattern, depicting the asset mainly positively and boosting the community’s confidence in it.

New market behavior shaping up

An institutionally triggered bull cycle reasonably translates to heightened purchasing pressure and a more dynamic price spike in both the short and middle term. Nevertheless, it’s not all smooth sailing – there are bound to be repercussions in the long term.

Institutions evidently keep a long investment horizon by default, which reduces the threat of the tragic drops that the BTC community is so accustomed to. Possibly, the crypto community will witness a disequilibrium between the historical traders and new, long-term investors, for the latter faction is bound to grow in the weeks to come substantially. Such an outcome may decrease spontaneous downward activity.

Surprisingly, queries don’t reflect the heightened BTC interest, strengthening our theory

There are numerous countries where Bitcoin has already marked new ATHs. Momentarily, at least fifteen nations, including Japan, Turkey, Sierra Leone, Australia, and Argentina, have registered price points surpassing their anterior peaks in the nation’s native currencies.

At the same time, non-specialist media content is marked by quietness and surprisingly low activity, both in the social and traditional realms. The number of Bitcoin-related Google inquiries is slightly tighter compared to the bull cycle witnessed in 2021–2022, hitting the average level registered last year.

This is yet another fact cementing the hypothesis according to which financial institutions and corporations are drawing the price up through their investments, which can primarily be triggered by the SEC’s spot ETF approval. Nowadays’ new developments in the crypto market draw distinct and specific expectations and rules, despite what purist ideologists may think. This way, Bitcoin is bound to become scarcer, meeting a growing demand that can only fuel its price and value. Plus, investors are gearing up to get Bitcoins in anticipation of the halving scheduled for April since history shows that price increases consequently followed mining reward reductions.

It’s not only institutional investors that flock to Bitcoin when the halving approaches, but also average investors. The price growth trend exhibited over time has cemented the theory, according to which the rising mining difficulty is auspicious for the leading cryptocurrency.

Summing it up

Bitcoin’s price keeps spiking, having shily touched a long-unmet $73K level and inciting speculations about a possible approaching $80K price point, achieving a new ATH sooner or later this year. While accurate predictions are not a certainty in the crypto market, it will sure be worth keeping tabs on the asset and the rest of the cryptos, which have dawned an exciting period for the sector.

Lucas Anderson

I'm Lucas Anderson, an IT consultant and blogger. Specializing in digital transformation and enterprise tech solutions, I write to help businesses leverage technology effectively.