Bitcoin has reached a new all-time high, with the cryptocurrency rising to $99,650. This comes as general market optimism and the performance of spot Bitcoin ETFs continue to drive the price upwards. With Bitcoin’s price increasing by more than 120% in 2024, it is expected to break the psychological barrier of $100,000.
Analysts believe that institutional investors are driving the rise in Bitcoin’s price, with MicroStrategy’s recent purchase of 51,000 BTC and the performance of spot ETFs indicating that traditional market participants are ready to increase the spot rate at a moment’s notice. However, breaking the psychological barrier of $100,000 may give investors a reason to take profits and rearrange their portfolios, potentially leading to a correction.