Bitcoin erupted past $60,000 on Wednesday, gaining 5.85% over 24 hours and reaching a $1.2 trillion market cap, further fueling its positive 2024 bull run.
BTC/USDT, Source: CoinMarketCap
Analysts suggest that Bitcoin could hit its all-time high of around $69,000 amid a crypto spring driven by euphoric sentiment, institutional flows, and impending supply shocks.
BTC rocketed past $60,000 after major crypto holder MicroStrategy bought 3,000 coins worth $155 million, the latest corporate vote of confidence.
MicroStrategy now holds over 140,000 bitcoins valued at $8+ billion in a brazen bet that scarce digital gold retains tremendous upside.
The mounting institutional demand comes as U.S. bitcoin ETFs gain traction while April’s mining reward halving looms, portending further supply limitations. With constricted issuance on the horizon, analysts predict Bitcoin’s advance will persist.
Breaking resistance at $60K sets the stage to challenge Bitcoin’s November 2021 peak of around $69,000. This marks an important moment in its uproar, like ups and downs, signaling a new phase ahead.
Read More: Bitcoin Hits $60,000 Mark Amid Bullish Trend
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