$69,202 – Did We Celebrate BTC Too Soon?

846 days later, it has finally happened… Bitcoin finally broke above its $68,991.85 all-time high level reached back in November 2021.

BTC surged to a record high of $69,202 for the first time in over two years – but the world’s largest cryptocurrency failed to maintain its new ATH for a long time.

Simply explained, the price record was short-lived.

The token jumped as much as 2.5% shortly after 10 a.m. New York time. However, it almost immediately reversed course and dipped back to $59,317.16 – a level that hasn’t been seen since two weeks now.

Which raises the question… did we celebrate too soon?

• Gains in recent months have been fuelled by the anticipation (and eventual U.S. approval) of Bitcoin exchange traded funds (ETFs) earlier this year, which broadened access to a much bigger class of investors.

• The price of BTC has surged about 60% since the approval of ETFs in January.

• The much anticipated April halving has also been influencing the coin’s price heavily.

Learn more about Bitcoin Halving.

Not only this, but FOMO is also playing quite a big role in driving the coin’s price up… who would want to miss out on potential gains?

Volatile History

BTC has a tumultuous history marked by dramatic fluctuations in value. These fluctuations can occur suddenly and unpredictably…

From just $5,000 at the start of the pandemic, BTC soared to its peak of nearly $69,000 in November 2021, mainly driven by a surge in demand for technology products.

However, prices experienced a significant downturn amidst an aggressive series of Federal Reserve rate hikes aimed at battling inflation.

Additionally, the FTX collapse further shook confidence in the crypto markets – which are still recovering two years later.

Is This Surge Any Different?

Despite Bitcoin’s recent resurgence in value, it’s nothing we haven’t seen before. Experts remain cautious, emphasising the risks associated with crypto overall.

When crypto boomed in 2021, its rise was mainly fuelled to investors’ interest during the pandemic.

At the time, these investors had turned to memecoins… Coincidentally, memecoins are also making their way up.

But this time, Bitcoin is leading the way. While it’s true that other tokens have risen in value, they did not hit their previous heights!

Now, crypto enthusiasts and analysts insist that bitcoin’s surge is just the beginning. They envision months of significant gains that could potentially send the cryptocurrency’s price north of $100,000.

While this might sound unrealistic to some, traders will be closely eyeing each and every movement for Bitcoin moving forward.