The world’s largest cryptocurrency, Bitcoin, has achieved several significant milestones today. According to the latest information, the all-time high price record has been updated to $88,378 due to a sudden surge.
As of the time of writing, the price of BTC is trading at $88,000. The price has experienced an increase of nearly 10% in the past 24 hours.
However, the cryptocurrency market has witnessed massive liquidations in both long and short positions due to market volatility. Over the past 24 hours, a total of $571 million has been liquidated in the cryptocurrency market, with $206 million in long positions and $365 million in short positions.
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An advisor to investors with substantial wealth discusses Bitcoin and the thoughts of the ultra-rich on BTC following this record-breaking event.
So, what are the expectations of cryptocurrency analysts following this surge?
Rekt Capital, one of the most renowned analysts in the market, shared their expectations in a post published after the records were broken.
According to this analyst, if the price of BTC follows its pattern from 2020, it could reach $96,500 by the end of this year.
Furthermore, the analyst evaluated the current bull rally in relation to the rise wave of BTC that typically occurs after a halving. Rekt Capital mentioned that historically, the post-halving surge occurs after approximately 214 days, leading to new records. However, in the current case, it has been approximately 205 days since the halving.
Rekt Capital argued that this new price record, which arrived 9 days earlier than anticipated, suggests that there is approximately 9 more days of momentum potential in the current cycle.
*This should not be considered investment advice.
