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Bitcoin (BTC) $8000, Next Stop $10k

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Bitcoin (BTC) continues the new bull run by reaching $8,000 and even surpassing it. Now, crypto experts, including the billionaire Mike Novogratz are setting the next milestone at $10,000 per coin.

Bitcoin (BTC) continues to rise

For over a week now, Bitcoin (BTC) has been on a rise, for the first time in months. Cryptos have had only one period that indicated an improvement since the beginning of the year, and that was in mid-May. Now, a new bull run has had everyone excited, especially this time, it seems to be a legitimate market recovery.

Bitcoin has led the bull run and has exceeded $8,000. This is the first real increase since the beginning of 2018 and the first time that BTC’s value has gone above $8,000 in the last two months. Bitcoin enthusiasts, analysts, as well as the hedge fund manager and billionaire, Mike Novogratz, claim that the next big milestone for BTC is $10,000.

Not only that, but everyone also believes that the regulatory clarity that is expected in the next few months might bring BTC back to its peak, and return its price of $20,000 per coin. The new development is also expected to attract new institutional investors, even those who were purposefully hesitant to join the crypto trend up to this point.

At the time of writing, Bitcoin’s price is at $8,254.49, with a rise of around 3.32%. For over a week now, Bitcoin has been seeing almost nothing but green, and many expect that the bull rally has started for real, this time. It all started with a 19% increase that hit the crypto last week. The trend continues this week as well, and Bitcoin continues on its way back.

Changes in Bitcoin’s behavior are known to be a strong influence on other cryptocurrencies, and most of the time, the others follow BTC’s example. This time, however, while Bitcoin continues to grow with each day, most of the other altcoins, including the biggest ones, are in the red. Ethereum (ETH), Ripple (XRP), TRON (TRX), Stellar (XLM), Cardano (ADA), IOTA (MIOTA) are all reporting loses, while BTC flourishes.

Thanks to a situation like that, BTC is dominating the market, with its dominance increasing well above 46%. This marks a positive change, considering that BTC’s dominance has been going down ever since the year started. Now, however, the situation seems to be changing, and many are expecting for BTC to even hit some new records.

From $8,000 to $10,000, with $20,000 coming next

Obviously, a shift like this has been something that BTC investors and crypto enthusiasts have been waiting for over half a year. Now that the coin has gone bullish again, many expect it to reach the old heights as soon as possible.

Mike Novogratz, a known billionaire and a hedge fund manager, who was also a partner at Goldman Sachs previously, has always been a strong crypto supporter. According to him, Bitcoin has run out of lows to reach, and it can only go up from here on. He predicts that the coin’s next stop is $10,000, with $20,000 being the next milestone.

Novogratz also gave a comment regarding the current situation during the South Korean Beyond Blocks Conference. At that occasion, he said that institutional investors are the biggest change this year. He also predicted that the entire ‘herd’ of them will be heading for the crypto market soon enough.

Still, Novogratz recognizes that Bitcoin requires additional regulatory clarity in order to make a stable move back up. Still, he believes that BTC is on a good path that will bring it back to greatness, and has also previously stated that he expects for BTC to hit $25,000 by the end of the year.

He has since reduced this amount due to his belief that regulatory clarity and custody solutions have yet to arrive. Still, he continues to claim that it is only a matter of time before this becomes reality, stating that it will likely come to pass in the next 6-18 months.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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