Bitcoin has rallied over 17% in the past week, exceeding $43,000 for the first time in 19 months. Bloomberg analysts forecast even loftier highs ahead, predicting BTC could reach between $50,000 and $500,000.
What’s driving this newfound bullishness?
Keypoints
- Bitcoin hit a 19-month high over $43,000 recently, with Bloomberg analysts forecasting it could reach between $50,000 and $500,000
- Key drivers of Bitcoin’s price surge include macroeconomic factors, potential ETF approval, and the Fed’s stance against inflation
- The rally is viewed as more substantial than 2021’s, with a BTC spot ETF potentially attracting significant investments
- Caution is still warranted as a drop below $31,000 could trigger a major correction down to around $29,000
- Wall Street firms like BlackRock and Fidelity seeking to launch bitcoin ETFs could bring a lot of new money into crypto
Several key factors underpin Bitcoin’s latest…
