Bitcoin's Ascendancy to Higher altitudes: A Look into the Bullish Forecasts

By: Eliza Bennet

Bitcoin continues to exhibit impressive performance against several national currencies and traditional financial assets, according to analyses by popular cryptocurrency authors and investors. The cryptocurrency analysts predict Bitcoin's near-term surge potentially up to $61,000, setting a conservative forecast for Bitcoin to potentially rise as high as $237,000 in the long run.

Network State author, Balaji Srinivasan, has shared that Bitcoin has surpassed its all-time highs against currencies of fourteen different countries representing over a billion people and accounting for over $7 trillion in GDP, signifying Bitcoin's growing potential as a viable alternative to conventional financial assets. Countries including Argentina and Japan, recently hit by recession, are part of this narrative. Moreover, Bitcoin is also marking impressive highs against US's long bond ETF (TLT), and the S&P Regional Banking ETF (KRE).

On the other hand, Bitcoin's demand significantly outpaces its supply. The Bitcoin network is seeing an influx of $607 million of new investor demand daily, far outstripping its supply rate of $46 million worth of Bitcoin mined daily. Furthermore, ahead of a major Bitcoin Halving event, the already insufficient supply would decline, potentially driving more price increases. Experts highlight the vital role of institutional investors, primarily driven by the Spot Bitcoin ETFs approved in January, for their significant BTC accumulation.

Furthermore, adding to the optimism within the crypto community, Titan of Crypto, noted the formation of a 'Bull Flag' trend, making a near-term price prediction of $61,000 for Bitcoin, with the possibility of a drop to $47,300 in case of a downside breakout. He also mentioned that Bitcoin might have entered the 'second phase of the bull run'.