Bitcoin Hits New All-Time Highs, Prepares to Tackle USD $200k

By Aaron Feuerstein March 05, 2024 In Bitcoin, Cryptocurrency
Source: Adobe Stock
  • Bitcoin has reached new all-time highs against the Euro and the British Pound, following a recent high against the Australian Dollar at AUD $105,000.
  • The current USD price of Bitcoin is $67,928, close to its all-time high, showing discrepancies across platforms.
  • Several predictions suggest a possible surge past USD $200k albeit on different time scales.
  • Santiment analysts believe Bitcoin price is potentially pushing prices above USD $70k in the short term.

Bitcoin has just hit new all-time highs against the Euro and the British Pound, according to data. Currently one BTC trades for €62,950 Euro and £53,837 Pound, after breaching all-time highs against the Australian Dollar days ago, seeing an AUD $105,000 price earlier today.

Related: ‘Larger Than Gold’: Galaxy’s Mike Novogratz Predicts Trillions Flowing Into Bitcoin

So, when will the leading cryptocurrency surpass new all-time highs against the most significant fiat currency, given its dominance in trading volume?

Bitcoin closing in on USD all-time high, source TradingView

As we can see from the TradingView chart we are not far off. Presently the Bitcoin price in USD is $67,928 after reaching $68,770 around 12:55 PM Australian Eastern Time.


What’s Bitcoin’s USD Price? Depends Who You Ask

Source: CoinMarketCap/ CoinGecko

The above illustration shows that CMC lists USD $68,789 as Bitcoin’s all-time high, reached on Nov 11, 2021 and CoinGecko $69,044 reached one day earlier.

While there could be other factors such as time zone differences, varying price update frequency, price averaging methodologies and even errors in data to explain these variations, one major one sticks out:

Each platform aggregates data from a multitude of cryptocurrency exchanges, and not all platforms use the same set of exchanges. Differences in the exchanges surveyed, or in how data from those exchanges is weighted, can lead to discrepancies in reported prices.

In fact, even exchanges themselves have different all-time highs for BTC, because some, like Coinbase, factor in the spread, while others do not.

But We Are So Close

Whichever way you measure it, we are clearly close to new USD all-time highs, and BTC has been beating its record in many major currencies. And we may not stop at past all-time highs.

Popular commentary account with 1.4 million followers on X, Bitcoin Archive, said if history is anything to go by, we could expect to go way past USD $200k (AUD $307k) by June:

While this prediction is probably wildly optimistic beyond reasonable bullishness—after all that would mean another USD $130k (AUD $200k) gain in the next three months—other predictions come to a similar price conclusion, albeit with a different time frame.

Geoffrey Kendrick, who is leading the crypto research team over at Standard Chartered, believes that BTC can indeed hit that enigmatic target by the end of 2025.

In an interview with CNBC the analyst said Spot Bitcoin ETFs, Bitcoin halving, the macro-economic outlook and potential FED rate cuts in the US, plus an overall positive investment landscape are fertile ground for the bullish outlook.

Neutral Sentiment Helpful, Says Santiment

Before we dream about those lofty targets though, Bitcoin has to pass its current hurdle, the previous highs.

Related: Options Traders Eye $80K Amid Bitcoin Frenzy

Santiment analysts suggest that Bitcoin’s neutral sentiment, unlike the quick rises of many meme coins and altcoins, could help maintain its rally. They highlight that scepticism might lead to the liquidation of shorts, potentially driving the price above USD $70k (AUD $107k).

Monitoring sentiment shifts is vital as Bitcoin nears or breaks its all-time high since public perception can significantly change after surpassing major resistance. Santiment reminds us that markets typically move contrary to traders’ expectations.

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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