Bitcoin is predicted to reach an all-time high within the next few days.

This cryptocurrency has been trading above $0.07 million (0.055 million pounds) on Wednesday, up 10% from last week, and is just $3,000 away from the all-time high set in March.

Due to the recent price surge and ongoing momentum, some market analysts speculate that it may reach its all-time high within the next few days.

Simon Peters, a cryptocurrency expert, attributed the strong week to the US inflation statistics being lighter than expected.

Peter, who works as an analyst on the eToro online trading platform, stated in an email sent to The Independent that "in recent weeks, especially Bitcoin has become increasingly correlated with the US stock market".

"Entering the second half of this year, macroeconomic conditions, especially inflation data and the possibility of interest rate cuts, are expected to play a key role in determining the direction of bitcoin prices for the remainder of the year."

Jeff Kendrick, Chief Digital Asset Surveyor at Standard Chartered Bank, told The Block that he expects bitcoin to set a new all-time high by the weekend.

Other major cryptocurrencies have also shown significant gains over the past few days,Ethereum (ETH)Solana (SOL) and Avalanche (AVAX) surged 15-25% over the past 7 days.

Dogecoin (DOGE) and Cardano (ADA) showed further modest increases, both rising by about 7% over the same period.

Due to positive price movements, the total market capitalization of cryptocurrencies has crossed 2.5 trillion dollars.

Alex Kupcikewicz, Senior Analyst at FX Pro, stated that specific market signals indicate a return to the 'bullish trend' that has dominated the first few months of this year.

According to data from the price tracking company CoinMarketCap, bitcoin rose from just over 0.04 million dollars to a record high of 0.07 million3798 dollars between January and March 2024, mainly due to the introduction of the first US-listed exchange-traded fund (ETF) in January.

Following this, a more remarkable increase was seen in 2023, with the price of bitcoin nearly tripling in just 12 months.