The price of bitcoin is aiming for new historical highs in 2024!
At the start of 2024, the price of Bitcoin has begun to rise again after a tumultuous year in 2023. The flagship cryptocurrency aims to surpass its previous all-time highs, against the backdrop of increasing adoption among the general public and institutions. Let’s take a closer look at the technical and fundamental factors contributing to this bullish momentum.
Bitcoin, Mainstream Adoption Accelerating
One of the key elements driving the price of Bitcoin is the acceleration of its adoption beyond the crypto sphere. In the United States, the launch of the first Bitcoin ETFs acted as a catalyst. The inflows into these exchange-traded funds continue to increase, drawing in billions of dollars.
Among the standout ETFs, the IBIT fund by BlackRock has already attracted Canadian asset manager Redwood. The latter sold its shares of Canada’s Purpose Bitcoin fund to invest in IBIT, considered more competitive in terms of fees.
This type of migration by institutional investors confirms the growing interest in gaining exposure to Bitcoin through these traditional financial products. The ETFs also add greater liquidity to the crypto exchanges.
Beyond ETFs, other services facilitate the purchase of bitcoin for retail investors. For example, the recent integration of MetaMask with the Robinhood platform. Crypto continues its integration into the mainstream financial industry.
A Key Technical Resistance to Break Through
Technically, the price of Bitcoin is currently hovering around $45,000, after reaching nearly $70,000 in November 2021. The major resistance lies at around $53,000, its previous all-time high. At present, it is around $43,600.
Permanently breaking through this technical threshold would pave the way for new highs. According to some reputable analysts like Peter Brandt, the recent erratic Bitcoin market is similar to the one preceding the previous parabolic surges.
Driven by positive fundamentals such as the enthusiasm of institutional investors, and despite still present technical obstacles, Bitcoin seems to have regained its bullish vigor at the start of 2024. If this pace of adoption continues, the flagship crypto could break new records in the coming months and continue its quest for legitimacy.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.