The BTC price measured in USD made a new record around $70000 today! I expect it to continue rising. A few current charts...
Looks poised to break out above $70k. Of course, it could get rejected, but every indication is that it will just push through and keep plodding upward.
I hear that big buyers - including some buying as much as 100 BTC every day - are now getting involved, helped by the recent ETF launch. More ETFs are coming, which will open things up for even more hedge funds, banks, and governments. Trillions would be soon flowing into the crypto markets.
Some analysts say the 4 year repeating trend (caused by the halvings) is still in play, and the bull market will indeed continue (with necessary corrections) through 2025. But they point to this "supercycle" run happening within the larger bull market, caused by the explosion of money coming in via the ETF, a signal from regulators that Bitcoin is here to stay. This could just be the tip of the iceberg, and price predictions of $120k are now looking conservative.
The daily chart. Notice the pullback at the start of January when the ETF was announced ("sell the news")... but then the huge inflows of funds ever since.
Also notice that it doesn't show any sign of slowing down. Any dip is immediately bought up. This is not a blowoff top, at least not yet.
The media hasn't even really been hyping Bitcoin the way it did in 2017 and 2021. Nothing but a yawn from the pundits and mainstream sites. But as prices move well above the previous top of $69k set in November 2021, investors of all shapes and sizes are taking notice. It's starting to warm up again.
But isn't it "up too much"?
Sure, a proper correction has to happen at some point. Nothing goes straight up or straight down. But that doesn't mean it's going to happen now. Check out this ultra-long-term logarithmic price chart, showing the moving average from 2013 to now:
That's current as of today. In other words, no, it's not up too much. Lots of upside yet to experience. The next 18 months are likely going to blow our socks off!
This is what it will look like, if the old pattern continues:
And that's before the whole ETF-fueled supercycle in play right now.
Some very smart people are saying $250,000 USD to $1,000,000 within the next 20 months.
The rest of the crypto market is also beginning to heat up and show signs of another long and prosperous bull run.
If the wheels stay on, the nukes don't fly, and we manage to keep the power going, a lot of us are about to become very wealthy. Congratulations crypto believers!
DRutter
Hopefully crypto long term holders will finally get some good returns.