Exactly two years ago, bitcoin (BTC), the largest crypto of all time, broke its own record. After months of faltering between the rise and fall, the asset came close to the $70,000 mark for the first time in its history. A look back at this event which shook the cryptosphere.
Bitcoin on the rise, is it a good time to accumulate crypto?
Gone are the days of red indicators! After sowing panic in the crypto ecosystem, bitcoin is swinging green again, above $30,000. The reaching of this new peak which seemed insurmountable is felt, because more than 80% of users record profits after the peak. But, that’s nothing compared to the effects of the last ATH.
It’s been exactly two years since BTC reached its highest level of $69,044 according to analysis from Watcher.Guru. On November 10, 2021, the queen of cryptos broke its April 14, 2021 record of $64,483 by reaching the $69,000 mark. Several factors favored this price boom. Among other things, Elon Musk’s statements on the token.
After accusing the CEO of Twitter (X) of manipulating the crypto market, Peter Schiff finally declared that the key to the ATH was undoubtedly Grayscale. According to him, the crypto asset manager would have attracted the interest of individual investors with active advertising on CNBC.
However, this is just speculation. For the community, the real reasons for this increase are nothing other than growing adoption, halving and investor confidence. If we stick to these factors, there is a good chance that another Bull Run is in the works. And for fans of the main crypto, this will allow new records to be recorded.
The future of BTC uncertain, what should we expect from the coming months?
In terms of popularity, bitcoin surpasses most assets. However, it also presents more risk given its market capitalization. Despite this, investors are not giving up and continue to believe in new highs.
According to some members of the crypto community, BTC is slowly but surely heading towards a new ATH. From their perspective, the asset could reach double its previous record in November 2024. This thinking is mostly reinforced by the excitement surrounding the approval of an ETF.
However, not everyone is of this opinion. According to Peter Schiff, an imminent crash is brewing and measures must be taken to avoid losses. The latter claims that the price of the queen of cryptos could fall drastically after the launch of a spot exchange-traded fund.
Despite the ATH of November 10, 2021, the future of bitcoin remains uncertain due to volatility. The latest peak has a major impact on the crypto ecosystem and while some believe that BTC will reach new heights in 2024, other analysts believe that an imminent crash is brewing. In this case, new ATH in sight or not? That is the question.
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