Bitcoin is predicted to hit an all-time high within a few days

The virtual currency traded over 70,000 dollars (55,000 pounds) on Wednesday, up 10% from last week, and is only $3,000 until the record high reached in March.

In response to recent price spikes and continued momentum, some market analysts speculate that record highs could be reached within the next few days.

Cryptocurrency expert Simon Peters stated that the strong week was a result of US inflation statistics being lighter than expected.

Mr. Peters, who works as an analyst at the online trading platform eToro, stated in an email sent to the Independent that “in recent weeks, Bitcoin in particular has been increasingly correlated with the US stock market.”

“As we enter the second half of this year, macroeconomic conditions, particularly inflation data and the possibility of interest rate cuts, will play an important role in the direction of Bitcoin prices for the rest of the year.”

Jeff Kendrick, head of digital asset research at Standard Chartered Bank, told The Block that he expects “Bitcoin to hit an all-time high by the end of the week.”

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

Dogecoin (DOGE) and Cardano (ADA) showed even more moderate gains, and both rose by around 7% over the same period.

Due to positive price movements, the total cryptocurrency market capitalization has surpassed $2.5 trillion.

Alex Kupcikevich, senior analyst at FX Pro, said that specific market signals indicate a “return to the bullish trend” that dominated the first few months of this year.

According to data from the price tracking company CoinMarketCap, Bitcoin rose from just over 40,000 dollars to a record high of 73,798 dollars from 2024/1 to 3, but this was mainly due to the introduction of the first exchange-traded fund (ETF) in the US in January.

This was followed by an even more significant rise in 2023, where the price of Bitcoin nearly tripled in just 12 months.