2024 has been quite the rollercoaster for the cryptocurrency market. For instance, Bitcoin surged over 60% in value within about two months and skyrocketed to an all-time high on March 5th.
The last time this asset broke its ATH (All-Time High), its price tripled within the following three months. If something similar happens again, BTC might be gearing up for a six-figure territory.
The year 2021 was pivotal for BTC, with the asset hitting $69,044 in November amidst heightened anticipation around approved future ETF funds.
However, the following year painted a different picture altogether, with numerous industry mishaps and macroeconomic challenges like wars and inflation. Consequently, BTC plummeted drastically, dropping below $20,000 by the end of 2022.
Last year kicked off with a more positive outlook, with even more upward momentum as the world’s largest asset manager – BlackRock – filed for a Bitcoin spot ETF in June. Many other financial giants followed suit, and the sentiment around approving such products shifted to a matter of “when” rather than “if.”
BTC responded to that enthusiasm by surging, leaping above $40,000 in early 2024. Those financial products were indeed approved in mid-January, leading to immediate fluctuations. However, the record-breaking influx of capital ultimately contributed to a more sustainable BTC price increase.
The euphoria peaked on March 5th as the largest cryptocurrency broke its previous ATH set in November 2021. With the upcoming halving expected to take place just over a month later and considering BTC’s price volatility following each previous halving, BTC is predicted to continue its upward trajectory.
If history repeats itself, as suggested in the tweet above, Bitcoin could surpass $200,000 by June. If that happens, its market capitalization would reach around $4 trillion, surpassing that of Microsoft and Apple (at current prices).