According to the Managing Director of Bitget Exchange, Gracy Chen, the surge in Bitcoin price after the recent 16.9% correction is attributed to “steadfast optimism and confidence in BTC”. Chen added, “Based on historical experience, rapid pullbacks often occur during sharp uptrends, constituting a common phenomenon of market deleveraging.”
While Chen ascribes the surge to investor optimism, a report from an economist with Deutsche Bank has detailed five reasons why BTC is trading at a record high and why the rally may not be over yet. Highlights include the BTC exchange-traded funds (ETFs), the halving event, industry regulation and macroeconomic details such as interest rates.
Popular belief is that the BTC halving will kick-start the next bull cycle. Ahead of that, the ETF narrative continues to drive markets with reports indicating that these investment products are continually scooping up hundreds of millions of dollars in BTC daily. For instance, ETF specialist Eric Balchunas recently reported that BlackRock’s IBIT ETF took in a record-smashing $788 million on March 5.
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