Bitcoin has finally broken a new all-time high (ATH). Its current peak value attained a few hours ago sits above $69,300. Proponents believe this milestone is a significant move especially as it comes before the Bitcoin halving event.
BTC Attains New ATH
The last time Bitcoin saw an all-time high was on November 9th, 2021, when it briefly touched $69,000. The cryptocurrency gradually dipped to the $45,000 price range over time. Today, the cryptocurrency has crossed its previous height.
The chart below shows Bitcoin’s record-high price on the crypto exchange Coinbase. It sold for $69,324.58 before a market correction ensued. Current data reveals that BTC trades at $65,350, representing a 2.9% decrease over the past hour. On the bright side, Bitcoin’s current price is a 15.2% increase over the past week.
Source: Coinbase
What Will BTC’s Price Be Post-Halving?
Bitcoin customarily sees a new height several months after it completes a halving event, a process where the total BTC mined per block slashes by half. The event occurs every four years. On April 19th, 2024, BTC’s block reward will reduce from 6.25 BTC to 3.125 BTC. After the last halving in May 2020, Bitcoin skyrocketed to its previous height of approximately $69,000.
Bitcoiners express enthusiasm that BTC’s price will see a groundbreaking price movement post-halving. Some expect the asset to attain a new ATH of $200,000 or more before this year ends.
Meanwhile, Bitcoin’s latest price surge to a new high is largely driven by the flourishing spot Bitcoin exchange-traded fund (ETF) business. Since a slew of Bitcoin ETFs paved their way into the United States market on January 11th, several investors have poured billions of funds into the Bitcoin-backed product.
Market data shows that 345,996 BTC (worth over $22.6 billion) has been deposited into these ETF products as of March 4th. The top gainer among the financial institutions offering the product is BlackRock’s iShares Bitcoin Trust (IBIT). The investment company has accumulated 164,501 BTC (worth over $10.7 billion) from investors.
