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Bitcoin achieved its highest daily close on March 4th at $68,245, surpassing the previous record close of $67,525 on November 8, 2021. Bitcoin showed an increase of over 18% on the weekly chart and 55% on the monthly chart. While some analysts expect even higher price levels, others anticipate a local peak at the all-time high resistance of $69,000.
Noteworthy Comments on Bitcoin
Bitfinex analysts shared a research report suggesting that independent demand from United States spot Bitcoin exchange-traded funds could help the world’s largest cryptocurrency surpass its previous all-time high levels:
“Our analysis predicts that a significant price target between $100,000 and $120,000 could be reached by the fourth quarter of 2024, and a cycle peak in terms of total crypto market value could be achieved in 2025.”
Bitcoin saw a 2.85% increase within 24 hours, trading at $66,799. On March 5th, Bitcoin’s price was just steps away from $69,000 but stopped $150 short of surpassing the all-time high and psychological price level. Vetle Lunde, a senior analyst at K33 Research, mentioned that Bitcoin’s price typically consolidates after the halving events that occur every four years, with the best performance following the next year, which could help Bitcoin rise above $100,000:
“Based solely on past performance data and the diminishing impact of halving rallies, we could see a rally of 130-150% in the year following a Bitcoin halving event, leading to a peak in the range of $125,000 to $150,000 in 2025.”
MicroStrategy’s Bitcoin Move
The rise in Bitcoin’s value came a day after MicroStrategy, the largest corporate holder of Bitcoin, announced plans to raise $600 million as part of its strategy to purchase more Bitcoin. According to a March 4th post by chairman Michael Saylor, the funds will be issued in the form of senior convertible notes.
Many popular Bitcoin analysts are optimistic about Bitcoin in the near term. On March 1st, the so-called quantitative analyst PlanB predicted that the Bitcoin bull market would start with FOMO and last only 10 more months. Additionally, Bitcoin analyst and executive partner at CMCC Crest, Willy Woo, stated that the current rally is just a warm-up and the real fundamental-driven bull market has not yet started.
