Leading cryptocurrency Bitcoin BTC hit new all-time highs on Tuesday reaching past the $69,000 price level.
While this accomplishment was well-received by the crypto community, many point to the next milestone prices, including $100,000. Another upcoming milestone is a meme number previously said could break the internet.
What Happened: The approval of Bitcoin ETFs in early 2024 led to optimism and increased attention to the cryptocurrency sector.
Increased inflows for Bitcoin ETFs could also be leading to increased demand for the cryptocurrency and a soaring price.
Bitcoin launched in 2009 and took several years to reach a price of $1, a far cry from the five-digit range at 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.
The year 2021 went down as one of the biggest the cryptocurrency market had seen with even more attention to the sector and soaring prices. Bitcoin hit a previous all-time high of $68,789.63 in November 2021.
The following year saw Bitcoin and other cryptocurrencies fall in value and interest, with several notable cryptocurrency trading platforms declaring bankruptcy.
With Bitcoin over $60,000 in recent weeks and briefly clearing the $69,000 level on Tuesday, a new price many investors are ready for could be in reach.
Related Link: EXCLUSIVE: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million — What Does She Know That We Don’t?
What's Next: Bitcoin hitting $69,420 is an event that Bitcoin bull Anthony Pompliano previously said could "break the internet."
The number combines two well-known numbers of "420," a cannabis reference, and "69," a sexual reference.
Elon Musk, who is one of the richest people in the world, 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, now known as X, by Musk also came at a price of $54.20 per share.
Musk previously shared a meme of Bitcoin at a price of $69,000 and Ethereum ETH/USD at a price of $4,200.
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. The price of Bitcoin passing the figure of $42,069, which also combines both numbers, saw increased attention.
Many Bitcoin bulls have price targets significantly higher than the all-time highs and the $69,420 level. Items such as the approval of Bitcoin ETFs, the halving of Bitcoin in April 2024 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 or more 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.
A recent poll of Benzinga users on X saw 52.8% of respondents saying Bitcoin would pass the $100,000 mark sooner than expected.
BTC Price Action: Bitcoin trades at $66,924.98 at the time of writing Wednesday versus a 52-week trading range of $19,628.25 to $69,170.63.
This article was previously published by Benzinga and has been updated.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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