The world’s largest cryptocurrency Bitcoin (BTC) has given a major bounce back shooting past $70,000 once again and eyeing a new all-time high. As of press time, the Bitcoin price is trading 5.5% up at $70,606 with a market cap of $1.388 trillion. This happened as the Bitcoin ETFs recorded net positive inflows after a week of strong outflows.
Bitcoin Price Gearing Up For New All-Time High?
In a recent analysis, QCP Capital noted that Bitcoin price might be gearing up to break its all-time highs and surge toward the coveted $100,000 level.
The analysis points to strong topside momentum for BTC, noting that the cryptocurrency surged above $70,000 overnight. This movement was reportedly fueled by news that the London Stock Exchange plans to commence trading Exchange-Traded Notes (ETNs) for both Bitcoin and Ethereum (ETH) starting in May.
Furthermore, QCP Capital also added that barring a broader macro risk-off event, the next upward movement appears increasingly likely at this juncture.
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