Bitcoin, the world’s leading cryptocurrency, has shattered all previous records today as it hit an all-time high of $109,200. Every crypto enthusiast has only one question in mind: what’s next?
With a trading volume of $59.71 billion, BTC price has increased about 4% in 24 hours. As a result, the market cap has also reached an all-time high of $2.16 trillion.
The current Bitcoin price rally has a lot of potential as suggested by price predictions from big firms and well known personalities all are bullish over it. For starters, Standard Chartered analysts have predicted bitcoin to reach $200,000 making this rally to go on almost 2x from here.
Furthermore, Robert Kiyosaki, the author of Rich Dad Poor Dad, is more optimistic as he claims that Bitcoin price will cross $250,000 by the end of 2025. He even offered predictions as high as $500,000 and $1 million for BTC price. Meanwhile, a Forbes article also explored the possibility of reaching $300,000 using the strike price of OI data.
Will Bitcoin Price Rally Continue?
While Bitcoin price is soaring to new highs exchanges are seeing great depletion in their reserves. Data from CryptoQuant reveals that BTC exchange reserves are at an all-time low. According to CoinGlass data, 7206.66 BTC exited exchanges within the last 24 hours. Moreover, in the last seven days exchanges witnessed an outflow of 19670.64 BTC while the monthly outflow was of 121709.78 BTC.
The continued depletion in available Bitcoin on crypto exchanges suggests a strong HODLling mentality among investors. It indicates they are still preferring a long-term target over short shelling even at these high prices.
With a major chunk of Bitcoin leaving the exchange, selling pressure is also reduced, which could have helped bears to stop the rally. However, from the risk averters perspective, the current situation is overwhelmingly positive for Bitcoin holders but also creates room for volatility. The reduced liquidity can easily lead to large price swings and sudden shifts in the market.
For now, the crypto world is excited as BTC price regained momentum with the new ATH. Also, investors and analysts expect altcoins to follow Bitcoin’s lead.
Also Read: Bitcoin Bulls Place $300K Bets, How High Will BTC Price Go?
