Leading cryptocurrency Bitcoin rose above $66,000, driven by inflows to spot ETFs and US data.
While the rise in BTC price also increases expectations, analysts expect the upward momentum to continue.
Speaking to Coindesk at this point, FxPro senior analyst Alex Kuptsikevic stated that Bitcoin could exceed its all-time high of $ 74,000 as of next week due to increasing institutional demand and risk appetite.
“Bitcoin was retreating towards $65,000 on Thursday, but on Friday morning, it regained its base above $66,000.
While increasing institutional demand and related inflows to spot ETFs are effective in this increase, if BTC receives support from global risk appetite on Friday, it may exceed 70 thousand dollars over the weekend.
A test of the highs between $71K and $74K could occur early next week in our opinion and trigger a new episode of FOMO.
Afterwards, 74 thousand dollars may be exceeded.”
QCP Capital analysts also stated in a recent report that the rise in BTC has started again and argued that the next price target could be $ 74,000.
*This is not investment advice.