BTC Price Reaches New All-Time High As it Surpasses $19,666
Bitcoin price is up over 6% after it soared past its recent highs near $19,500. The BTC/USD pair followed a nice bullish path and even managed to break the $19,666 ATH set in Dec 2017.
At the time of writing, BTC Is changing hands for $19,789. Investors will now be watching to see if the coin can surpass the $20K mark, a more rounded figure given to the Bitcoin ATH.
The last time BTC edged closer to new all-time highs, it faced some heavy selling pressure that saw the price dip to lows of $16,400.
However, the bulls have embarked on a remarkable rebound that has seen BTC break $19K and set a new ATH after struggling to climb above $18,600 over the weekend.
Will BTC reclaim $20,000?
Today’s price action will be a familiar sight for investors, who will now be hoping that BTC can avoid the psychological selling pressure that set in last Wednesday near the all-time highs.
That said, various factors are fully in favor of BTC sustaining its rally and reclaiming $20K. The ongoing eight-week rally from $10K to the peak above $19,825 seen on Bitstamp just an hour ago is partly attributable to increased institutional participation in the BTC market.
An analyst from crypto exchange EQUOS explained earlier today that the long-awaited institutional entry in BTC investment was finally here. The analyst added:
“There’s plenty more to join, of course, and the number of funds along with the immutable scarcity of bitcoin will be felt in a very strong way.”
Other factors contributing to the flagship crypto going parabolic include hedging demand due to dollar sell-off and quantitative easing by global central banks.
Analysts Are Excited About the Bitcoin ATH
Before today’s astronomical rally towards its ATH, analyst Michaël van de Poppe had hailed BTC for holding the crucial support and projected that the final breaker before hitting an ATH stood around $18,600-18,900.
Shortly after BTC started rallying higher, crypto commentator Beastlorion shared his excitement over the price surge, tweeting that the coin had already hit an ATH on Bitstamp. In a recent interview with CNBC, Tyler Winklevoss said that Bitcoin is still a good buy and able to pull a 25x despite its current price.