Bitcoin rose to the moonand so? It looks like it's going to stay there for a while.. The flagship cryptocurrency has spurred an uptrend across the entire crypto market and successfully bridged the gap between the traditional and crypto investment industries by enter the ETF market.
Willpower the manifestation Will end soon?
Not according to one of the biggest Bitcoin boosters of all.
Bitcoin at $100,000 is "long overdue"
Bitcoin enthusiasts have always been optimistic about its growth, and now some of them expect it to reach a whopping $100,000 soon.
Adam Back, a leading figure in the crypto world and one of the first cypherpunks who helped establish the ideological foundation of Bitcoin, believes that Bitcoin's rise to the $100,000 mark is long overdue.
"Bitcoin hit $73,000 on Tuesday" Back said Wednesday on social media site X.. "Nobody said anything. I spent much of Wednesday above $73,000. I think the reason things are off is that $100,000 seems to be way overdue, for a few years now, so there isn't much euphoria in the bull market as the green candles between $1,000 and $5,000 pass. . Just tick tock $100k.โ
What is driving the Bitcoin wave?
He Securities and Exchange Commission approval for spot Bitcoin ETF in the US and the recent green light from the United Kingdom to List some securities linked to Bitcoin on the stock market. Bitcoin prices have skyrocketed. AND Bitcoin's upcoming โhalvingโ event in April, which sees the Bitcoin mining reward halving, will drive prices up even further.
Read more: 5 'altcoins' that are riding the Bitcoin wave
Cryptography expert Noelle Acheson, author of the "Crypto is Macro Now" newsletter, said the rally won't end anytime soon. "We are not seeing much of a buzz in the market yet, the retail froth is just beginning, education and acceptance is increasing rapidly, and the macroeconomic case going forward is supportive," he said in an email. "If previous patterns hold, the top will come many months after the halving and only after expectations are even more bullish than today."
In addition to the rise of the cryptocurrency market, the dilution of fiat currencies and the upcoming US elections will also have an impact on Bitcoin prices, he stated.
But are we really out of the SBF crypto era?
Bitcoin has gained momentum after a long dry spell. The last few years were marked by the collapse of FTX, the arrest of its disgraced founder Sam Bankman-Fried (SBF), cryptocurrency bank bankruptcies, and a bloodbath across the cryptocurrency market. In recent years, many cryptocurrency enthusiasts have lost confidence in blockchain technology due to Binance CEO Changpeng Zhao's money laundering case and the extradition of former cryptocurrency tycoon Do Kwon.
But does this mean that the worst is over for the crypto world? Acheson doesn't think so.
โThere are still some outstanding issues and perhaps a couple more surprises ahead, and the current regulatory chill in the US is a constant reminder of the [Biden] โShame on the administration for initially treating SBF as an ally,โ he said.
But the market has moved on. Acheson said that past events have highlighted the need for better regulation and made the cryptocurrency world wiser and more careful.
โ'Rather than a 'new beginning', what we are seeing now is a continuation of the evolution of the cryptocurrency market, with technological advances, growing institutional support and (slowly) greater regulatory clarity helping to cement its role. in the financial landscape. " she said.
Bitcoin prices rose 2% on Thursday afternoon to around $70,000.
