Bitcoin (BTC) has had an astronomical year so far in 2024. After reclaiming the previous all-time high of $69,044 last week, the original cryptocurrency has hit another new all-time high today, breaching the $73,000 mark. BTC currently sits at $73,181.50, rising 1.7% in the daily charts, 9.8% in the weekly charts, 25.7% in the 14-day charts, and more than 51% over the previous month. Moreover, BTC’s price has risen by 227.7% since March 2023.
Bitcoin’s (BTC) rally earlier this month was likely due to increased inflows into spot BTC ETF (Exchange Traded Fund) products. The US SEC (Securities and Exchange Commission) made a historic move and approved 11 spot BTC ETFs in January this year.
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However, the latest price spike could be a combination of spot BTC ETF inflows and the anticipation of another bull run fuelled by BTC’s halving event in April. Many analysts consider halvings bullish as they reduce the asset’s supply.
How high can Bitcoin (BTC) go?
According to CoinCodex, BTC will continue trading around $73,000 for the rest of this month, hitting $73,134 on Mar. 31, 2024. However, the platform anticipates BTC to breach the $90,000 mark in early April, hitting $91,808 on Apr. 10, 2024. Hitting $91,808 from current levels would translate to a growth of about 25.4%.
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According to Changelly, BTC will continue its bullish trajectory in April. The platform anticiptes BTC to hit $74,588 by the end of this month, and hit $92,995 by Apr. 10, 2024. Moreover, Changelly expects BTC to breach the $100,000 level in 2024, hitting a maximum price of $113,151.68 this year. Reaching $113,151.68 from current levels would translate to a growth of about 54.6%.