2024 has already been quite spectacular for the cryptocurrency market. Bitcoin, for one, added more than 60% of value in about two months and skyrocketed to a new all-time high registered yesterday.
The previous time that the asset broke its ATH, its price tripled in the following three months or so. If something similar is to happen again, BTC could be on the verge of going well within a six-digit price territory.
2021 was a big year for BTC as the asset jumped to $69,044 (according to CoinGecko) in November amid hype around the then-approved futures ETFs.
However, the next year was entirely different, with numerous industry crashes and bankruptcies, as well as macroeconomic challenges such as wars and inflation. Consequently, BTC slumped hard and went well below $20,000 by 2022’s end.
Last year began on a more positive note and things picked up even more when the world’s largest asset manager – BlackRock – filed for a spot Bitcoin ETF in June. Numerous other financial giants followed, and the sentiment regarding the approval of such products changed to “it is a matter of time.”
BTC reacted to that hype with price increases and jumped to over $40,000 by the beginning of 2024. Those financial products were indeed approved in mid-January, which led to immediate volatility. However, the record-setting inflows eventually resulted in more sustainable increase in BTC’s prices.
This culminated yesterday when the cryptocurrency broke its previous ATH set in November 2021. Given the upcoming halving, scheduled to take place in just over a month, and BTC’s price movements after each of the previous ones, there’s even more hype that the asset will keep rising in value.
If history repeats, as shown in the tweet above, Bitcoin could exceed $200,000 by June. Should that happen, its market capitalization will go to around $4 trillion, making BTC bigger than Microsoft and Apple (according to current prices).