Bitcoin has defied predictions by exceeding its long-awaited all-time high of $68,350 for the first time since November 2021. BTC has declined marginally to $67,770, but technical signs indicate that it will certainly exceed the previous high.
This ongoing rise in Bitcoin is astounding, given that the Crypto Fear & Greed Index is around 90, indicating ‘extreme greed’. In general, investors should be looking to sell. Still, researchers have identified this finding as the first reason why many popular cryptocurrency coins could possibly retrace.
However, here are the main factors to Bitcoin’s surge, Financial firms continue to invest millions of dollars in Bitcoin exchange-traded funds. There is anticipation that the Fed central bank would lower the interest rate on the US dollar, which frequently results in a value increase for digital currencies. Ultimately, crypto investors are eagerly awaiting the fourth Bitcoin quadrennial halving next month.
In spite of a possible minor decline, Bitcoin projections indicate that BTC will be worth at least $75,000 by 2025.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
