%Crypto bulls are revising up their forecasts for the price of %Bitcoin ($BTC) after it hit an all-time high of $69,202 U.S. on March 5.
Many analysts and market observers are now predicting that Bitcoin’s price will top $150,000 U.S. by year’s end after the largest %Cryptocurrency by market capitalization surpassed its previous all-time high of $68,999.99 U.S. reached in November 2021.
Bitcoin fell nearly 10% after briefly touching all-time highs, prompting a market-wide selloff that saw more than $1 billion U.S. in cryptocurrency liquidations amid volatile trading.
At one point, Bitcoin’s price fell as low as $60,800 U.S. before rising to around $63,000 U.S. The price has since recovered and risen 7% overnight to now trade just below $67,000 U.S.
Analysts say the sharp downturn on March 5 was likely driven by profit-taking at historic highs and Bitcoin miners offloading some of their holdings.
Many analysts remain bullish on Bitcoin after its price has increased 51% so far in 2024 and tested all-time highs.
Some analysts are now forecasting that Bitcoin could hit $150,000 U.S. this year, citing continued tailwinds for the digital asset.
Spot Bitcoin exchange-traded funds (ETFs) continue to see strong inflows, with BlackRock’s ETF (NASDAQ: IBIT) amassing $760 million U.S. of capital on March 5 alone.
At the same time, Bitcoin is expected to benefit from lower interest rates in coming months and an upcoming halving event in April, which is when the rate at which Bitcoins are released, and the rewards given to miners, are literally cut in half.
Market observers who see Bitcoin’s price reaching $150,000 U.S. this year include Alex Adelman of Bitcoin rewards application Lolli, and Stijn Paumen of cryptocurrency payments firm Helio, among others.
