##Bitcoin's recent surge has brought it tantalizingly close to its all-time high, sparking speculation among experts that this is just the beginning of its ascent. The cryptocurrency reached a peak of $63,100, according to CoinGecko, before retracing slightly on Friday. Its year-to-date gains now stand at over 30%, with an impressive 170% increase compared to this time last year.
With just a few thousand dollars separating it from its record high of $69,044 set during the 2021 bull market, analysts predict that Bitcoin could finally breach the coveted six-figure mark in the current cycle.
The approval of mainstream financial institutions offering exchange-traded funds (ETFs), such as BlackRock and Fidelity, has played a significant role in driving investor interest in Bitcoin. These ETFs have made it easier for retail investors to gain exposure to Bitcoin, even within their retirement accounts, convincing some skeptics to reconsider their stance.
Steven Lubka, managing director at Swan Bitcoin, believes that Bitcoin's price could reach $300,000 within the next year and a half, thanks to the inflows into Bitcoin ETFs. Despite the recent surge in ETF investments, Lubka suggests that this is just the beginning, with more marketing efforts yet to unfold.
BlackRock's iShares Bitcoin Trust (IBIT) recently surpassed $10 billion in assets under management, with record inflows of $612 million in a single day. Year-to-date Bitcoin inflows have already exceeded the total inflows for 2021, indicating growing investor interest.
Bitcoin's upcoming "halving" event, scheduled for April, is also contributing to its bullish sentiment. This event will reduce the rate at which new Bitcoins are introduced into circulation, historically leading to significant price increases.
#Write2Earn #BTC #Bitcoin?🤔🧐 #crypto⭐️ #cryptoeyefeast