Bitcoin BTC/USD recently hit 52-week highs and the leading cryptocurrency has passed the $44,000 level.
With the move, Bitcoin has taken out a level that combines two well-known numbers that are often used in memes and social media posts. A further move to new all-time highs could take out another signature meme-able number.
What Happened: Launched in 2009, Bitcoin took several years to reach a price of $1, a far cry from the five-digit range in which it now trades.
In 2011, the cryptocurrency hit a price of $1 for the first time as more cryptocurrency exchanges added the coin to their platforms, making it easier to buy, sell and hold Bitcoin.
Fast forward to 2021 and Bitcoin hit an all-time high of $68,789.63 in November during a year that saw a wave of interest in cryptocurrencies.
The following year saw Bitcoin and other cryptocurrencies fall in value and interest, with several notable cryptocurrency trading platforms declaring bankruptcy.
Recently, Bitcoin traded over the $42,069 level, which combines two well-known numbers of “420,” a cannabis reference, and “69,” a sexual reference. The move was widely noticed on social media.
The world's richest person Elon Musk has often used both these numbers in tweets and memes, including a famous tweet stating that he secured funding to take Tesla private at $420 per share. The buyout of Twitter by Musk also came at a price of $54.20 per share.
Bitcoin bull Anthony Pompliano previously said that Bitcoin hitting $69,420 could "break the internet."
When Bitcoin was near its all-time highs, Musk shared a meme of Bitcoin at a price of $69,000 and Ethereum ETH/USD at a price of $4,200. Ethereum passed the $4,200 level in 2021. Bitcoin traded slightly over $69,000 on several exchanges in 2021, with the official all-time high listed at $68,789.633 on CoinMarketCap.
As cryptocurrency often trades with more volatility as it trends on social media, if Bitcoin gets close to $69,420 there is a possibility of significant attention for the coin.
Related Link: How To Buy Bitcoin
What's Next: Optimism for the approval of Bitcoin ETFs by the SEC has continued to lead the way as catalyst for the cryptocurrency sector that could be contributing to the rise in the price of Bitcoin.
Many Bitcoin bulls have price targets that are significantly higher than the all-time highs and the $69,420 level. Items like the approval of Bitcoin ETFs, the halving of Bitcoin and increased interest from institutions are catalysts often mentioned by cryptocurrency analysts and experts.
Ark Funds CEO Cathie Wood has a future price target of $1 million for Bitcoin.
Morgan Creek Capital founder and CEO Mark Yusko told Benzinga that Bitcoin could hit the $100,000 to $150,000 range in mid-2024.
As Bitcoin hits new 52-week highs in 2023, the possibility exists that the crypto could quickly move to new all-time highs and the $69,420 level before the six-digit range is reached.
BTC Price Action: Bitcoin traded at $44,114.14 at the time of writing Wednesday versus a 52-week trading range of $16,398.14 to $44,408.67.
Read Next: If You Invested $1,000 In Bitcoin When Warren Buffett Called It ‘Rat Poison Squared,’ Here’s How Much You’d Have Now
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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