Bitcoin has attained a new all-time high as it continues to reach new peak prices this month. What next for the king coin?
Leading cryptocurrency Bitcoin (BTC) has been on a bull run for the past few weeks, as it has attained new peak prices on several occasions. This time, it saw an all-time high above $73,200.
Source: Coinbase
One of the several all-time high values that BTC recently reached was $71,500, a price seen at the start of this week. Although a market correction soon accompanied the price surge, the asset eventually soared above the $72,000 price range.
BTC Above $73k
Bitcoin’s latest peak value is largely fueled by the continuous trading of the spot Bitcoin exchange-traded fund (ETF) and anticipation of the halving event. Since the Bitcoin-backed ETF products began trading in the United States financial market, investors have poured billions of dollars into the investment vehicle. Institutional investors have also moved to soak some profits from the ETF product.
On the other hand, Bitcoiners expect that the halving event will help bolster demand for the asset, pushing its price to incredible heights. The event occurring on April 19th will downsize the number of BTC mined every 10 minutes from 6.25 BTC to 3.125 BTC.
Notably, the peak value comes amid extreme greed recorded in the crypto fear and greed index. The metric displays the market psychology at a given time. The index currently sits above 90, showing that investors are greedy and positioned for more profits. Ideally, such a high record is likely accompanied by a market correction. But this time, a high market valuation ensues.
Will More Peak Prices Come?
Past data shows that the Bitcoin halving event is known to take BTC’s value to new heights months later. This has moved several Bitcoiners to speculate on the next big price movement for the leading cryptocurrency.
Recently, Raoul Pal, a renowned Bitcoin holder and economist, predicted that BTC will soar to as high as $250,000. Still, this figure remains speculative.
