This March 8, the great bitcoin fever is back! In a spectacular surge, the crypto queen shattered all records by crossing the historic mark of $70,000. A meteoric rise that does not leave Elon Musk indifferent. With the help of “Yesss” on X, the visionary billionaire exults in the face of this new galactic milestone. But beyond the wild exchanges on social networks, this rally defies belief and leaves analysts amazed.
Bitcoin exceeds its previous ATH and reaches $70,000
Bitcoin reaches $70,000 and this price surge is not due to chance. This results from a unique alignment of several crypto market dynamics. First, a real scarcity of bitcoin pushes prices up. Exchanges are experiencing a glaring shortage as investors flock to cold wallets. At the same time, the influx of institutional investments through Bitcoin ETFs is significantly amplifying demand. It is estimated that these funds buy on average 4000 BTC per day, a phenomenal buying pressure!
Halving, a myth come true
Another key factor, the imminence of the next bitcoin halving accentuates speculative enthusiasm. This event scheduled in 41 days will cut miner rewards in half. A supply shock anticipated by investors who are betting on a surge in prices following this coded scarcity. If previous halvings have demonstrated the veracity of this upward dynamic, the current frenzy exceeds anything we have known. Bitcoin seems to transcend its status as an asset to become the object of real popular fervor on a global scale. Google data illustrates an unprecedented level of interest in the crypto queen.
An unreasonable speculative bubble?
Faced with this boom in bitcoin, as dazzling as it is irrational, more and more voices are being raised to denounce the risks of a Dantesque speculative bubble. The rallying suggested by the boss of Tesla would thus take on the appearance of a frantic race towards a demiurgic ideal more than towards a simple financial investment. Some people are already dreaming, with a form of hubris mixed with technological mysticism, of an endless feedback loop where soaring prices would feed the frenzied appetite of investors in perpetuity. Others denounce a total disconnection from economic fundamentals, prefiguring an inevitably hard landing. Scarecrows brandished by the eternal Cassandras or very real risks? The future will tell…
At the risk of burning out, bitcoin is reaching unexplored heights. Some people are already dreaming of an endless feedback loop, where soaring prices would feed investor appetite in perpetuity. A chimera? Possible. But at a time when crypto markets defy all rationality, it is better for billionaire Elon Musk to savor the current excitement. After all, isn’t this the galactic dream of an entire generation that seems to be coming true? That of reaching these spheres where intoxicating speculation and formidable financial disruption mingle? An ideal that bitcoin perhaps embodies, at least for the moment…
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