"We are so back", "LFG", "Up only": Bitcoin Recorded The New ATH At 69K

The crypto market already showed recovery signs in 2023 and finally, the moment we have all been waiting for has come: Bitcoin broke its all-time high at US$69,170.

The Bull Parade

In July 2023, Bitcoin climbed to US$30,000 on hopium for a spot Bitcoin ETF by the world's biggest asset manager BlackRock, who clearly must 'have known' something at that time. Then came Grayscale's court win against the SEC. The fight over Grayscale Bitcoin Trust's conversion into a spot Bitcoin ETF paved the way for Wall Street to wholeheartedly embrace crypto. Since Bitcoin has a limited supply and is indeedy-o one true decentralised asset, more investors adding Bitcoin to their portfolios must drive prices of the biggest crypto higher.

After the launch of 11 spot Bitcoin ETFs in the U.S. in January 2024, Bitcoin soared to US$48,000 - levels last seen in January 2022, receded to below US$40K, then smashed US$50K in February 2024. BlackRock's IBIT, the biggest spot ETF since the beginning, saw US$2.8 billion in net flow in January and US$3 billion in February, highlighting institutional investors' growing interest for an asset long deemed 'too volatile'. Considering Bitcoin dominance on the crypto market and the correlation between Bitcoin and Ethereum, we can expect ETH prices to rise as well. Technically, there is the Ethereum Dencun upgrade taking place and, on top of that, the Bitcoin halving approaching; we are also seeing new applications for a spot Ethereum ETF and leveraged spot Bitcoin ETF, which signifies new waves of investors to come.

All the reasons above contributed to Ethereum hitting US$3,800 and Bitcoin US$69,170 yesterday. The last Bitcoin ATH was recorded on November 10, 2021 at US$68,789, which occurred only after the third Bitcoin halving in May 2020. Based on the latest inflation data, US$68,789 in November 2021 would be equal to US$76,329 in January 2024, and it's our first cue to know that there should definitely be at least another Bitcoin ATH in 2024.

Source: CPI Inflation Calculator - U.S. Bureau of Labour Statistics

"We Are So Early"

The premise for new Bitcoin all-time highs had always been the Bitcoin halving, which happens every four years to limit the number of Bitcoin to be mined for inflation control. Bitcoin just broke this rule on March 05, 2024 when it rose above US$69K before the next halving event in April 2024. Looking at spot Bitcoin ETF volume in the last 24H, we have every reason to believe in every single statement shown in the title, plus "we are so early".

Early because there's the Bitcoin halving to look forward to, early because the actual Bitcoin supply will never reach 21 million (due to lost wallets), and early because its market cap is still way behind that of gold - the official store of value for now.

Source: companiesmarketcap.com

Never think that you're late to the party and FOMO buy. There're many ways to benefit from the cryptocurrency markets, and several entry points to choose from. Do you want to get access the traditional way (crypto ETFs and ETPs, mining stocks, crypto stocks, etc.), the easy and reliable way (via CEXs such as Bitget), or the crypto way (via Web3 wallets and DEXs)? Decide on the starting point then define who you are in the digital space, a trader, a speculator or an investor and how big of a risk you would rather accept (risk appetite). Learn about DYOR (do your own research), keep yourself updated throughout the day, and get yourself familiar with all the trading and investment products available for profit maximisation. We're only 65 days into 2024 and around 15 years since the inception of Bitcoin. The market is yet to mature.

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.