Friday, February 3, 2023

$6,000 Incoming: Bitcoin Price Explodes to New All-Time High as Confidence Grows

$6,000 Incoming: Bitcoin Price Explodes to New All-Time High as Confidence Grows

As mainstream interest in cryptocurrencies continues to surge, so, too, does the bitcoin price. Friday marked a new price high for Bitcoin, with the crypto coming within a hair of eclipsing $6,000 on Coinbase. If this pace continues, $10,000 BTC by Q2 2018 is not out of the question. 

Also read: Russia Considers Crypto Detective Agency to Fight Rapid ICO Growth

Maintaining an incredible October performance, the price of Bitcoin just exploded to a new all-time high of $5,996 on Coinbase, marking a gain of approximately 5 percent from yesterday’s high of $5,655.

Bitcoin surged dangerously close to $6000 on Coinbase

Per Coinbase’s BTC charts, Bitcoin surged to its new price high at 3:46 p.m. GMT. The bellwether cryptocurrency’s previous all-time high came almost a week ago on October 14th, when Bitcoin reached $5,839.

This is, of course, a stark micro-reversal from yesterday, when Bitcoin’s price slid down 8 percent over what was widely speculated to be regulatory anxieties in the U.S.

This upward, bullish trend for Bitcoin has been steadily churning forth over the past four weeks, as the #1 crypto’s price is currently up 50 percent from where it was just one month ago.

Japanese investors are driving the lion’s share of this current price movement, as over 59 percent of today’s Bitcoin trades thus far have been conducted in yen. This dynamic is in line with Japan’s growing dominance in global cryptocurrency trading volume, with the nation stepping forward at a time when China’s regulatory uncertainties are pushing many previously dominant Chinese investors out of the space.

Conversely, U.S. dollar transactions have accounted for approximately 25 percent of today’s BTC volume so far.

Also notable in light of ongoing price surge is Bitcoin’s current market cap, which is hovering around $95 billion at press time.

Growing Confidence, Excitement Powers New Bitcoin Price Highs

JPMorgan Chase CEO Jamie Dimon can call Bitcoin “stupid” all he wants, but according to a new, albeit unscientific CNBC online survey, it appears that a near-majority of respondents feel exactly the opposite about the powerhouse cryptocurrency.

Indeed, over the past few days, CNBC ran a survey on its site, asking users to answer the question regulators and crypto-enthusiasts alike are wondering: what’s next for Bitcoin?

Over 23,000 CNBC readers responded to the survey, and, somewhat surprisingly for such a mainstream forum, the largest plurality—49 percent of respondents—felt bullish about Bitcoin, answering that they believed Bitcoin would reach “$10,000 in the next six to 10 months.”

That $10,000 price point was first suggested by legendary Wall Street macro-trader Mike Novogratz during a now-viral interview from this past Tuesday. “I can hear the herd coming,” Novogratz said in regard to institutional investors.

It’s confident, excited attitudes like this that undergird Bitcoin’s current flirtation with $6,000. If Novogratz is correct, and “the herd” really is coming, as it were, then Bitcoin will likely be breaking all-time price highs routinely over the next 6 months and beyond.

Maybe Jamie Dimon will come around soon. Maybe not. We’ll definitely see, though, wont’ we?

How about you? Do you think Bitcoin will keep rising in the short-term, or is the coming hard-fork going to throw a wrench into this upward price pressure? Sound off in the comments below.

Images via ThingLink, Coinbase

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