Bitcoin Its price once again surpassed the $70,000 level and rose to a new all-time high. BTC traded with a 5.5% increase, reaching $70,606, and its market cap exceeded $1.388 trillion. This strong rise follows net positive inflows into ETFs.
According to QCP Capital’s analysis, Bitcoin is likely to break its all-time high and rise towards $100,000. This analysis indicates the existence of strong momentum for BTC. As we reported as Koinfinans.com, it was stated that the news that the London Stock Exchange plans to start trading Exchange Traded Notes (ETNs) for BTC and Ethereum also fed this rise.
QCP Capital highlighted that barring a broader macro risk-off event, the next rally is becoming increasingly likely.
centimeterAccording to , this increase in Bitcoin’s price took investors by surprise and occurred as key stakeholders accumulated large amounts of BTC. This accumulation marks one of the largest accumulation days in recent memory.
According to Santiment, wallets holding 10 to 10,000 Bitcoin received 51,959 BTC on Sunday alone, representing 0.263% of the total supply. This increase in accumulation cryptocurrency It took place as the community approached its halving event on April 19.
“Although ETF inflows have ground to a halt, order books are loaded at around 60,000 bid sides, indicating the market is willing to buy the dip,” said Nathanaël Cohen, co-founder of INDIGO Fund. “You then need to take liquidity at lower levels to catch a bid and move higher,” he said.
Bitcoin analyst PlanB according to, each halving period covers approximately 210,000 blocks and an increase in Bitcoin price occurs during these periods. These price increases are indicative of fundamental changes, structural turning points and phase transitions rather than bubbles. Halvings are considered critical events in the Bitcoin world.
Every halving period (210,000 blocks, ~4y) there is a bull market in which bitcoin price pumps. Now listen carefully: these price pumps are NOT bubbles, but fundamental jumps, structural events, phase changes. You can see it in the realized price, which flattens, until the next… pic.twitter.com/qIU1x6Bw7R
— PlanB (@100trillionUSD) March 24, 2024
