Bitcoin is getting close to a new high as analysts warn the market to “buckle up.”
After climbing more than 10% in recent days, the price of bitcoin is on the verge of reaching a new all-time high, prompting some analysts to forecast another record-breaking run in 2025.
Monday saw the top cryptocurrency in the world surpass $105,000, which is only $4,000 short of its January 2025 peak.
Cryptocurrency experts have credited the most recent price spike to significant inflows from institutional investors, more backing from authorities and regulators, and a rise in confidence among individual investors.
Some industry experts have predicted a “parabolic” increase in the price of bitcoin in the next months due to the collision of favorable factors.
In a post on X, former PayPal executive David Marcus stated, “I understood bitcoin in 2011-2012 and the bull case for it has never been stronger in all these years.”
“Banks can now custody and offer BTC to their customers, sovereign states and corporations are competing to buy, utility phase of TCP/IP [Transmission Control Protocol/Internet Protocol] for money is taking off. Buckle up.”
Bitcoin price history
“While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing,” he wrote back in April.
“If so, we anticipate further gains throughout the summer and a new all-time high in Q2.”
Broader economic stability, a significant trade agreement between the US and the UK, and signs that the US-China trade conflict is abating have also helped the market.
This has refocused attention on traditionally high-risk assets, such as cryptocurrency, which investors normally sell in favor of safe-haven assets like gold during uncertain times.
With the next resistance level set around $107,000, some cryptocurrency specialists predict that the current market momentum might cause bitcoin to hit new highs as early as this week.
According to Alex Kuptsikevich, chief market analyst at online trading platform FxPro, “we believe that the remarkable corrective pullback from late January to early April created substantial margin for a new wave of growth,” he told The Independent.
“Therefore, we won’t be shocked if bitcoin moves to the renewal of historical highs already this week, along with the positive dynamics of stocks.”
However, experts have identified the $100,000 price mark as a crucial support level for bitcoin to achieve their forecasts.
If the cryptocurrency drops again below this level, it might trigger a further sell-off in which it returns to its 50-day moving average below $90,000.
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.