Leading cryptocurrency bitcoin btc It reached new all-time highs on Tuesday surpassing the $69,000 price level.
While this achievement was well received by the crypto community, many are pointing to the prices of the next milestone, including $100,000. Another upcoming milestone is a meme number that was previously said to be able to break the internet.
What happened: The approval of Bitcoin ETFs in early 2024 generated optimism and increased attention to the cryptocurrency sector.
Rising Bitcoin ETF inflows could also be leading to increased demand for the cryptocurrency and skyrocketing price.
Bitcoin launched in 2009 and took several years to reach a price of $1, a far cry from the five-digit range it is trading in now.
In 2011, the cryptocurrency reached a price of $1 for the first time as more cryptocurrency exchanges added the currency to their platforms, making it easier to buy, sell, and hold Bitcoin.
The year 2021 was one of the biggest the cryptocurrency market has ever seen, with even more attention to the sector and rising prices. Bitcoin reached a previous all-time high of $68,789.63 in November 2021.
The following year, Bitcoin and other cryptocurrencies fell in value and interest, and several notable cryptocurrency trading platforms filed for bankruptcy.
With Bitcoin rising above $60,000 in recent weeks and briefly surpassing the $69,000 level on Tuesday, a new price that many investors are prepared for could be within reach.
Related Link: EXCLUSIVE: Why Cathie Wood Thinks Bitcoin Will Hit $1 Million What does she know that we don't?
Whats Next: Bitcoin Hits $69,420 Is a Bitcoin Bullish Event Antonio Pompliano previously said it could “break the internet.”
The number combines two well-known numbers: “420”, a reference to cannabis, and “69”, a sexual reference.
Elon Musk, who is one of the richest people in the world, has often used both numbers in tweets and memes, including a famous tweet claiming that he obtained financing to take Tesla private at $420 per share. Musk's purchase of Twitter, now known as X, also occurred at a price of $54.20 per share.
musk previously shared a Bitcoin meme at a price of $69,000 and Ethereum ETH/USD at a price of $4,200.
As cryptocurrencies often trade with more volatility based on trends on social media, if Bitcoin approaches $69,420, there is a chance the coin will receive significant attention. The Bitcoin price surpassing the figure of $42,069, which also combines both figures, received increased attention.
Many Bitcoin bulls have price targets significantly higher than the all-time highs and the $69,420 level. Things like the approval of Bitcoin ETFs, the Bitcoin halving in April 2024, and increased interest from institutions are catalysts that cryptocurrency analysts and experts often mention.
Ark Funds CEO cathie wood has a future price target of $1 million or more for Bitcoin.
Morgan Creek Capital Founder and CEO Marcos Yusko He told Benzinga that Bitcoin could reach the $100,000 to $150,000 range by mid-2024.
In a recent survey of Benzinga users on X, 52.8% of respondents said Bitcoin would surpass the $100,000 mark sooner than expected.
BTC Price Action: Bitcoin is trading at $66,924.98 at the time of writing this Wednesday, compared to a 52-week trading range of $19,628.25 to $69,170.63.
This article was previously published by Benzinga and has been updated.
Read next: How much is Tesla's Bitcoin worth? Will Elon Musk's company sell cryptocurrencies when it reaches new all-time highs?
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