Bitcoin price hits $65,000

-->Bitcoin is starting the new week with a bang. The bitcoin price crashed through the $65,000 barrier this Monday morning Dutch time. The highest point on the Bitstamp chart is $65,583. This means that the cryptocurrency continues its upward trend. A big plus of 27% last week.

Measured in euros and pounds, there is already a new all-time high.

Bitcoin door $65.000

The price is only 6% off the all-time high. On November 10, 2021, the price reached $69,010. It has been 844 days since this record was confirmed, according to the Clark Moody Dashboard.

The price has been relatively calm in recent days, but during the Asian and European trading hours, BTC skyrockets again. The Nasdaq tech exchange also has very green days and bitcoin and cryptos follow suit (or vice versa).

What do the analysts say? “Capital is not drying up because investors are gaining more confidence as the price rises,” Markus Thielen, head of research at crypto analytics firm 10x Research in Singapore, told Reuters.

Net inflows into the 10 largest US spot bitcoin funds reached $2.17 billion in the week to March 1, with more than half going to BlackRock’s iShares Bitcoin Trust, according to LSEG data.

Ether is also benefiting from speculation that there will also be an exchange-traded fund for ether. This coin is up 50% year-on-year and trading at ~$3,500.

The rally goes hand in hand with record breaking equity indices from the Japanese Nikkei to the S&P 500 and Nasdaq and high volatility in equities and foreign currencies.

“In a world where the Nasdaq is hitting new all-time highs, crypto is doing well because bitcoin is a highly volatile tech and dependent on liquidity,” said Brent Donnelly, trader and president at analytics firm Spectra Markets. “We are back to a 2021 style market where everything is going up and everyone is having fun.”

What are other crypto analysts saying? According to Rekt Capital, a new price era is coming for bitcoin. Nothing stands in the way of setting a new course record. Floaters are companies that offer ETFs, as they must purchase bitcoin to back their products.

#BTC

Bitcoin is on the cusp of a new era in its price action

Just +5% away from new All Time Highs$BTC #Crypto #Bitcoin pic.twitter.com/M5uOK9lilI

— Rekt Capital (@rektcapital) March 4, 2024

Another driver is the upcoming halving in April. This time Rekt Capital also explains which trends can be expected. But whether it will happen this time remains to be seen in practice. Past performance is no guarantee for the future.

#BTC

4 Phases of The Bitcoin Halving

1. Pre-Halving Rally

Approximately 42 days remain until the Bitcoin Halving in April 2024

And ~60 days before the Halving, a Pre-Halving rally tends to occur (light blue)

History has repeated in this respect

Now, Bitcoin is approximately… pic.twitter.com/UQ8Klh6EfH

— Rekt Capital (@rektcapital) March 4, 2024