Bitcoin Price Hits Record Highs in Euros and Pounds – Here’s Where BTC Is Headed Next

by Griffin Schamberger

Bitcoin Price Hits Record Highs in Euros and Pounds – Here’s Where BTC Is Headed Next

Bitcoin Mark Hits File Highs in Euros and Kilos – Here’s The build BTC Is Headed Subsequent

The Bitcoin label goal hit new story highs in euros and British kilos.

BTC/EUR crept above €60,000 at some level of early Monday substitute, sooner than briefly surpassing €62,000 at some level of US trading hours.

BTC/GBP, meanwhile, hit £Fifty three,000, convincingly surpassing its prior story peaks of around £51,000 in 2021.

In US dollar phrases, Bitcoin surpassed $67,000 and is now inner 3% of November 2021 story highs at $69,000.

Unbiased four days into March, and Bitcoin is already up around 10%.

Following February’s 44% label pump and amid seemingly unstoppable ongoing bullish momentum, it almost now feels inevitable that the Bitcoin label will hit story highs in dollar phrases this month.

Bitcoin Mark Hits File Highs Amid Big Exodus of BTC Tokens from Exchanges


Bitcoin’s label has long gone parabolic this One year in wake of the introduction of new set aside Bitcoin ETFs within the US.

Indubitably, the open of set aside Bitcoin ETFs has been essentially the most hyped and most winning ETF open ever.

As per ZeroHedge, BlackRock’s new set aside Bitcoin ETF hit $10 billion in resources beneath administration in seven weeks.

That makes it the fastest-growing ETF in historic previous.

By comparison, the first gold ETF took over two years to achieve $10 billion.

BlackRock’s IBIT is moreover up over 30% since open, with one trader bringing up it took the first gold ETF 63 weeks to put up the same beneficial properties.

And that’s goal BlackRock’s ETF.

Fidelity, Ark and half of a dozen hundreds of companies moreover launches set aside Bitcoin ETF in January.

And these set aside ETFs rep moreover hoovered up billions in BTC tokens.

This unexpected new query shock to the set aside market comes at a time when Bitcoin present is being squeezed.

10x head of analysis Markus Thielen worthy in a study paper on Monday that BTC tokens held on exchanges dropped by over 63,000 coins final week.

Falling substitute BTC reserves point out merchants/merchants are an increasing number of taking self-custody of their coins, presumably to HODL them.

That implies decrease sell stress.

And sell stress is about to ride one other large topple in April when the Bitcoin issuance rate to miners halves.

With the Fed moreover on the cusp of lowering rates (starting later this One year), its no shock then that Bitcoin bears appear to rep with regards to long gone extinct.

Here’s The build BTC is Headed Subsequent


Merchants are unlikely to live pumping till the Bitcoin label hits story highs in US dollar phrases.

That’s a conventional characteristic of market psychology. Merchants on the total set aside a bunch of importance on key stages (love the $69,000 story highs) being hit.

Immediate-period of time speculators desires to be willing for a spike in profit-taking as soon as the all-time highs are hit.

But amid the above worthy bullish fundamentals, any label dip is unlikely to final lengthy, as longer-period of time merchants disappear in.

Bitcoin may presumably perhaps well then hasty vault above $70,000 for the first time as shorts get worn out, goal as they did when the value punched above $64,000 this week, and $Fifty three,000 in slack February.

Then the inquire of is “how high can BTC trudge?”.

The following main psychological target for BTC may presumably perhaps well be the $100,000 diploma.

Merchants will then must get inventive the notify of valuation of technical tools to predict where it may well maybe presumably perhaps well trudge subsequent.

A Fibonacci extension from the 2022 private market lows relief to the 2021 bull market highs puts the 1.618 fib diploma at $102,000, the 2.618 fib diploma at $156,000 and the 3.618 fib diploma at $210,000.

Bitcoin Mark Hits File Highs in Euro and Kilos

Reaching this high may presumably perhaps well appear farfetched.

But BTC used to be in a position to achieve these Fibonacci extension stages (from the 2018 private) at some level of the 2020/2021 bull market.

If Bitcoin supplants gold as the worldwide reserve asset, that means a market cap of more than $14 trillion.

That may presumably perhaps well point out Bitcoin sooner or later surpassing a market cap of $666,000.

While it may well maybe presumably perhaps well take a decade or more to achieve such stages, Bitcoin reaching into the $100s of thousands in 2024/2025 isn’t out of the realms of risk.

Bitcoin Mark Hits File Highs in Euro and Kilos

Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational applications and would no longer constitute funding suggestion. You would lose your entire capital.

Source : cryptonews.com

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