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Next stop for BTC: $70k

Photo of: Joseph Stone
by Joseph Stone

Forgotten is the resistance at 52,000 dollars. Bitcoin is once again settling in at record levels, even reaching 54,500 dollars. And according to one analyst, BTC can now aim at the $70K mark.

Since the beginning of the year, Bitcoin has been alternating phases of rapid growth and sharp corrections. The last one was at the end of February. Perched above $56K, the BTC plunged in a few minutes, against the backdrop of criticism from the US Secretary of the Treasury.

However, the fundamentals of the first of the cryptocurrencies were not questioned. The correction of Bitcoin was therefore in line with the standards in terms of corrective phases.

The $52,000 was thus a resistance for Bitcoin. This resistance was overcome during the night of March 9. In fact, the crypto asset reached 54,500 dollars. Since then, the BTC has risen 7% to $53,500.

This is a first step. For analysts, the $52K was, in fact, an indispensable phase in securing the next stage of the Bitcoin bull-run. Until now, despite incursions above $50K, crypto had not been able to establish itself durably at this level.

“Institutional interest distinguishes the latest bull run from the one in 2017, according to Goldman. A large part of institutional demand is driven by fears linked to the devaluation of assets,” analyses an expert, Holger Zschaepitz.

The latter refers to the recent Goldman Sachs Bank study. This study reveals that 40% of its customers are already exposed to crypto-actives. They are also very optimistic about the performance of their investments.

For example, 61% of those surveyed anticipate an increase in their digital assets over the next 12 to 24 months. And this growing adoption by institutions should benefit the first of the crypto’s, Bitcoin.

This should allow us to envisage new heights in terms of valuation. According to a Cointelegraph Markets analyst, “Fate is on the move. And this one would make it possible to aim now at the 70.000 dollars mark, and more”.

This new stage will be in any case essential to make Bobby Lee’s prediction realistic. The expert estimates that the value of Bitcoin will be multiplied by 4 or 5 this year. The BTC could thus finish the year at a price between 200K and 250K$.