Bitcoin reached $73,500 on Tuesday, only a few hundred dollars within its peak, which was reached in March. The pioneer crypto asset has more than doubled from a year ago and is currently up about 75% this year.
Positive triggers include the spot ETFs’ explosive performance and new monetary easing cycles in major nations. The rise was also fueled by fresh monetary easing cycles that almost all of the major Western central banks started in 2024, significant fiscal and monetary stimulus from China, and the growing likelihood that Donald Trump, the crypto-friendly GOP contender, would win the presidency.
Bitcoin jumped to within a few dollars of a new all-time high price in the U.S. trading session reaching as high as $73,500 before slightly declining. On March 14th of this year, the record high of $73,798 was reached.
Bitcoin has been in a consolidation phase for several difficult months March 14 peak. Although it dropped slightly under $50,000 during the summer, it has primarily been trading in the $60,000–$65,000 range.
The action tested investors’ patience, and many were concerned that the bull market cycle that began in early 2023 had already peaked. On multiple attempts to hit new highs, long-term investors and bitcoin miners sold significantly, and crashes were quickly halted and bought up.
Even if it is unlikely that the Bulls will lose control at this point, as indicated by recent price action, key market indicators show we might still witness high-$40Ks per the most bearish for the Bulls at today’s open (~$70K). However, we do not show it since we believe it to be the least likely alternative. It is merely a “policy of insurance.”
