Bitcoin price might fail to top $70,000 before the April 2024 supply halving, but the longer-term projection looks positive.
For investors, turning bullish on Bitcoin is tempting, especially after a 91% rally to $52,000 in just four months ending on Feb. 15. Bitcoin’s current $1 trillion valuation places it among the world’s top 10 tradable assets and even ahead of the Warren Buffet’s world-famous Berkshire Hathaway, which has an $875 billion market capitalization.
The additional 34.5% gains needed for Bitcoin to reach $70,000 from the current $52,000 level represent a $350 billion increase in BTC’s capitalization. This move would rank the cryptocurrency ahead of silver and the United Kingdom’s pound, including bank deposits and currency bills. The key question is whether the current conditions support Bitcoin’s $1.35 trillion valuation.
One could argue that Bitcoin already cleared those hurdles in November 2021 when it hit its $69,000 all-time high. Repeating that feat seems more likely now, given the approval of spot Bitcoin ETFs in the United States and the resolution of some risks, such as Binance’s court battle with regulators and FTX exchange bankruptcy procedures.
