Bitcoin Price to Hit $60K in Next Two Weeks, Claim Crypto Market Analysts
In Brief
Bitcoin (BTC) price might reach $60K within the next two weeks, as burgeoning interest is being observed amongst institutional investors.
Bitcoin could experience a substantial surge, potentially reaching $60,000 within the next two weeks, according to a renowned crypto market analyst, George Tung, widely recognized for his insights shared on the YouTube channel “CryptosRUs.”
He made a compelling projection regarding the trajectory of Bitcoin’s price. According to Tung, the cryptocurrency could experience a substantial surge, potentially reaching $60,000 within a span of two weeks.
Tung’s forecast is based on meticulously examining historical patterns coupled with the burgeoning interest observed among institutional investors toward Bitcoin. Reflecting on Bitcoin’s previous performances, Tung highlights that the digital asset has breached the $45,000 threshold on only three occasions, invariably preceding a swift ascent to the $60,000 mark within a fortnight.
On Thursday, Bitcoin experienced a notable increase of 4.86 percent in its value. This surge has propelled the asset to a trading price of $52,044, marking its first time reaching this level in over two years. Currently, it is trading at $51,848 at the time of writing.
This upward movement in Bitcoin’s price can be attributed to significant capital inflows into Bitcoin Exchange-Traded Funds (ETFs) and the imminent Bitcoin halving event. These factors have played a pivotal role in fueling the ongoing rally of the leading cryptocurrency in the digital market.
What’s Behind This Upward Rally
Drawing parallels from these past occurrences, Tung remains optimistic about the feasibility of Bitcoin attaining the $60,000 milestone in the immediate future. He particularly underscores the continuous influx of capital into recently introduced spot Bitcoin exchange-traded funds (ETFs) as a pivotal factor bolstering this anticipated bullish run.
For instance, Bitcoin ETFs have taken over $2 billion of new funds in just four days – as per the recent tweet from ‘Bitcoin Archive’ X handle.
Additionally, as the first quarter of the year approaches its conclusion, there is a growing sense of optimism surrounding the token, particularly in anticipation of a potential bull run leading up to the Bitcoin halving event. This sentiment is expected to drive increased buying activity, thereby sustaining the momentum of the ongoing rally.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
