While the cryptocurrency market continues its mind-blowing rally, experts predict Bitcoin to hit $200k as soon as the bullish market reaches its peak.
For the first time in almost two years, BTC surpassed $57,000 in trading on Tuesday, putting the cryptocurrency bull market on fire. This was disappointing for traders who had been anticipating a big decline as a chance to allocate capital to the leading cryptocurrency.
Stocks were trading in a holding pattern. Investors kept patience in the wake of last week's run-up to fresh record highs for the S&P and Dow. Meanwhile, the surge in cryptocurrencies continued. Before expanding their market exposure, many are now waiting for Thursday's PCE index report, which is a crucial inflation indicator used by the Federal Reserve to determine interest rate changes.
The Dow dropped 0.25% at the closing bell. Oppositely, the S&P and Nasdaq ended the day higher, up 0.17% and 0.37%, respectively. According to TradingView data, Tuesday's trading saw the continuation of Monday's surge in Bitcoin prices, with bulls driving the currency up to its highest level since December 3, 2021, at $57,660.
Numerous variables are driving the bitcoin prices upward and impacting the mood of the market participants. The anticipation of the impending halving event is partly responsible for this current rise. These occurrences have traditionally been linked to notable increases in Bitcoin prices because of the greater scarcity that results from the decreased supply, which raises demand.
Furthermore, investors' optimism has been bolstered by the growing expectation of a Bitcoin ETF's debut. It triggered extra demand and accelerated price movement. Given that the bull market is expected to last until late 2025, Bitcoin's value may peak above $200,000 following the latest climb above a significant resistance level.
May the trading luck be with you!
