The year for Bitcoin (BTC) is off to its best start since 2013. As the value of the U.S. dollar has fallen this month, the price of the largest cryptocurrency by market capitalization has increased by 40%. The majority of American buyers, according to analysts, have driven the rally.
The price was stuck in the $16k – $17k range, but it has now bounced off and hit £23k this month.
According to analysts, BTC’s performance indicates that its next all-time high will be $200,000 or higher. Many analysts also predict that the “low” during the next bitcoin halving could hit $70k.
The raise in BTC price is linked with big movements in institutional trading as many large players are now buying bitcoin at scale, coindesk stated.
The price has risen quite sharply in the last week and it’s likely that a small correction is coming soon.
