• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 4 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

Can Anything Stop Bitcoin’s Bull Run?

  • Bitcoin's price soared beyond $63,000, experiencing a 42% increase this month, the most significant monthly gain since December 2020.
  • Veteran trader Peter Brandt and Bitwise Asset Management's CEO foresee Bitcoin's price potentially reaching $200,000 and $250,000, respectively, amid growing investor interest and anticipation of April's halving event.
    • Investors are drawn to Bitcoin as a hedge against potential interest rate cuts by the Federal Reserve, seeking higher-yielding and more volatile assets for investment opportunities.

Bitcoin surged beyond $63,000 on Wednesday, marking its highest level in over two years, fuelled by a wave of investment into new U.S. spot bitcoin exchange-traded products.

This rally, witnessing a remarkable 42% increase this month, is shaping up to be its most significant monthly gain since December 2020. 

However, the excitement was short-lived as Bitcoin unexpectedly experienced a drop, stabilizing at $61,650 during Asia’s morning trading session. This upward momentum in the most traded cryptocurrency’s value also lifted Ether to $3,416, reflecting a substantial 50% surge in February. 

Veteran trader Peter Brandt, sharing insights on Twitter, suggested that Bitcoin’s recent surge beyond the upper boundary of a 15-month channel could indicate a target of $200,000 for the current bull market cycle, up from the previous estimate of $120,000. Brandt, known for his analysis of Bitcoin’s price trends, occasionally expresses bullish sentiments.

Similarly, the CEO of Bitwise Asset Management anticipates Bitcoin’s price to reach $250,000 sooner than expected, predicting Bitcoin’s encroachment into gold’s market share to be faster than anticipated. 

Investors are increasingly drawn to Bitcoin as April’s halving event approaches. This event is intended to slow down the rate at which new bitcoins are created, Reuters reported.

Furthermore, there is growing interest among investors due to the possibility of the Federal Reserve implementing multiple interest rate cuts throughout the year. This has prompted investors to explore higher-yielding or more volatile assets as potential investment opportunities.

By City AM 


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News