The SEC's approval of spot Bitcoin ETFs in January opened new doors for BTC. At this point, the approval and launch of ETFs brought new investors to BTC, reigniting the excitement lost in the 2022 “crypto winter”.
At this point, Bitcoin has made an unexpected attack in recent days and pinned above $ 64,000, bringing its ATH in 2021 one step closer to $ 69,000.
Additionally, Bitcoin's monthly gain was more than 47%, the biggest gain since December 2020.
Speaking to Reuters at this point, analyst Tony Sycamore from the IG Markets brokerage firm said:
“Momentum in Bitcoin points to a test and possible breakout of $69,000.
“This will push Bitcoin beyond the record high of $69,000 set in the heady days of crypto peaks in November 2021.”
Apart from Tony Sycamore, City Index's senior market analyst Matt Simpson also evaluated the rise in BTC.
Stating that he cannot determine any peak level for Bitcoin, Matt Simpson said: “If it were any other market, I would probably advise 'don't go near the bubble bursting from the top'. However, Bitcoin is a different market and BTC has returned to the parabolic rally phase. Therefore, there is no peak sign for BTC.” “There is no and I cannot give a clear level for the peak,” he said.
*This is not investment advice.
