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Breaking Bitcoin Records New All-Time High at $70,000: What’s Next?

1 min
Updated by Bary Rahma
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In Brief

  • Bitcoin's price hits a new all-time high of $70,330, marking a 5% intraday increase.
  • The rise attributed to breaking out of an ascending triangle, suggesting more growth.
  • Tom Lee predicts Bitcoin could reach $150,000, highlighting its investment potential.
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Bitcoin soared past expectations to record a new all-time high, reaching $70,330 today. The remarkable 5% increase from its opening price of $66,870 has the cryptocurrency market speculating about the future.

Bitcoin Hits New All-Time High

This surge comes from Bitcoin breaking out of an ascending triangle on its 10-minute chart. This technical pattern underscores the digital currency’s bullish momentum and hints at even more growth on the horizon.

Indeed, this bullish technical formation projects a target of $71,500.

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

Experts are keenly observing these developments, noting the significant upside potential Bitcoin displays.

Among them, Fundstrat’s Tom Lee stands out with his audacious forecast that Bitcoin could be on its way to a new all-time high of $150,000. This optimism is not unfounded, considering Bitcoin’s resilient performance and proven ability to exceed expectations.

“Sometime in the next 12 or 18 months, Bitcoin can be over $150,000… BlackRock seeing $800 million in inflows. I think as long as there is strong spot demand and aren’t eager sellers, you do have a market that is out of balance, that there is too much demand for Bitcoin, not enough supply created through the block reward,” Lee said.

Read more: Bitcoin Price Prediction 2024 / 2025 / 2030

The current bullish price action to new all-time highs reinforces Bitcoin’s dominant position in the cryptocurrency market and highlights its potential as a lucrative investment for those looking to diversify their portfolios. Indeed, the recent price movement is a testament to Bitcoin’s growing influence and capability to shape the financial system.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...
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