Amid the sharp rise in Bitcoin (BTC) prices over the past week, Bitcoin (BTC) enthusiasts have had no shortage of bullish comments on social media platform X. The price is now rapidly approaching its all-time high of $69,000.
At the time of publication, Bitcoin is trading at $68,300, up 7% in the past 24 hours. according to To CoinGecko.
However, much of the day’s commentary focused on Bitcoin’s performance after hitting a new all-time high.
Bitcoin once doubled its ATH in 10 days
In March 2013, Bitcoin rose 158% in one month, from $34 to $88, including a 10-day period in which the price doubled, a Bitcoin analyst said. said Dylan Leclair. I got it. Posted on March 4th.
A few months later, in November 2013, Bitcoin soared from $200 to $1,000 after surpassing its all-time high set a month earlier. according to To CoinGecko.
A similar pattern reappeared in December 2020. According to CoinGecko, Bitcoin hit an all-time high of $19,665 on December 16, 2020, and doubled just 23 days later on January 8.
It eventually continued to rise to $63,580 by April 14, 2021, marking a 222% or 3x increase in 120 days, according to CoinGecko data.
Bitcoin halving has not yet arrived
The price surge in the second half of 2020 was further accelerated by the halving event that occurred a few months earlier in May 2020, said Jaran Merelud, one of the founders and chief strategist at Hashlabs Mining.
But more than a month before its scheduled halving in 2024, Bitcoin is already close to all-time highs.
Mereld previously told Cointelegraph that he expects Bitcoin to rise significantly in the months following the halving, scheduled for April 20, 2024.
Bitcoin index reaches 90 — Extreme Greed
On the other hand, Bitcoin’s score on the Crypto Fear & Greed Index is increased It received a score of 90 out of 100, its highest score since February 2021. revival People searched for “Bitcoin” on Google in the past two weeks as the price of Bitcoin crossed $50,000 and $60,000.
The Fear and Greed Index is weighted based on a variety of data sources, including volatility, market momentum and volume, social media, Bitcoin dominance, and Google Trends data.
But the company behind the index warns that if investors are too greedy, it could mean the market is due for a correction.
ETFs will only increase demand for Bitcoin
Unlike previous bull markets, Bitcoin demand is now also being driven by the recently launched Spot Bitcoin Exchange Traded Fund (ETF) in the US.
Bitcoin ETFs have recorded net inflows of $7.35 billion since January 11th. according to This was reported to BitMEX Research, citing data from March 1st.
BlackRock’s iShares Bitcoin Trust (IBIT) has been the best performer, reaching the $10 billion milestone last week faster than any other ETF in U.S. history.
In an interview with CNBC on February 14, US investor Rick Delman said: predicted Bitcoin ETF inflows are expected to reach at least $150 billion by the end of 2025.
Delman puts his numbers behind a recent study that found 77% of independent financial advisors would like to add Bitcoin to their existing portfolio with an average allocation of 2.5%. I confirmed it. He then multiplied this by the size of the financial advisory sector ($8 trillion).
if @Ricedelman You’re right that $150 billion will flow into Bitcoin ETFs by the end of next year, things are going to get really weird. pic.twitter.com/ziBPQuxyNb
— Pump (@APompliano) March 2, 2024
“It’s just an independent advisor,” Delman said. “Exclude news agencies, regional broker-dealers, and institutional investors.”
Bitwise Chief Investment Officer Matt Hogan recently said that there could be an “even bigger wave” of institutional capital if “major wire services” start offering Bitcoin ETF trading.
Others, including Hogan, have also pointed to the ratio of Bitcoin purchased by ETF issuers to Bitcoin mined. On some days, this ratio can exceed 10, suggesting that demand for Bitcoin exceeds supply.
Hogan called this supply-and-demand relationship “off-the-hook.”
“There’s too much demand and not enough supply,” Hogan said, adding that Bitcoin’s price is likely to rise “significantly.”
Related: How Bitcoin ETFs impact the average investment portfolio
Bitcoin, on the other hand, is currently the ninth largest asset by market capitalization, just 0.9% away from overturning silver, which has a market cap of $1.356 trillion. according to to the company’s market capitalization
Bitcoin has also risen in ranking compared to the valuation of nationally issued currencies, recently overtaking the Swiss Franc to rank 13th. according to to fiat market capitalization.
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