KEY POINTS
- The Bitcoin rally signals a shift to an "unmistakably bullish phase": Bitcoin Foundation's Brock Pierce
- Pierce believes Bitcoin can pass its all-time high before the end of H1 2024, but cautions against unbalanced views
- Bitcoin started the week with a bang, racing past the $68,000 mark to close in on its 2021 all-time high
Bitcoin has brushed past $68,000, marking another milestone that brought the world's first decentralized cryptocurrency just a step away from its all-time high in 2021.
While Bitcoin's rally is unsurprising for many due to optimism following the U.S. Securities and Exchange Commission's (SEC) approval of 11 spot Bitcoin exchange-traded funds (ETFs), the latest milestone still speaks volumes about recent positive sentiment on cryptocurrency.
Bitcoin surged to $68,635.20 Monday, and at one point hit $68,848.62, just a striking distance away from its all-time high of $68,991 in November 2021.
JUST IN: $68,000 #Bitcoin pic.twitter.com/Wf0fJ5xr5N
— Watcher.Guru (@WatcherGuru) March 4, 2024
Brock Pierce, Chairman of Washington, D.C.-based non-profit Bitcoin Foundation, told International Business Times exclusively that the upward trend in BTC only speaks of a growing acceptance in the mainstream financial system.
"This upward trajectory signals a transition from a bullish market to an unmistakably bullish phase. Such a pattern isn't surprising, especially as we approach the Bitcoin halving event on April 19th, which will reduce the number of new coins minted by 50%," he said.
Bitcoin halving takes place around every four years, and could potentially trigger price appreciation if demand is retained or increases further.
Several crypto analysts and traders have predicted that the halving event will only propel Bitcoin toward greater heights. However, Pierce pointed out that "it's important to acknowledge the inherent volatility of the cryptocurrency market." There will still be fluctuation periods even amid a general upward trend, he explained. "Overall, these dynamics underscore the complex interplay of supply and demand factors influencing Bitcoin's value."
On the other hand, Pierce, who is also the co-founder of Tether, is just as optimistic about Bitcoin's rally following its milestone last week of blasting past the $60,000-mark for the first time in two years – such movement is only amplified further by the SEC's approval of spot Bitcoin ETFs in January. "These developments collectively underscore the growing mainstream acceptance and investment interest in cryptocurrency," he said.
Benchmark managing director and senior research analyst Mark Palmer made a bold projection after Bitcoin surged past $57,000 earlier last week. "Our assumption is that the price of Bitcoin is going to achieve $125,000 by the end of 2025," he said on Yahoo! Finance Live.
For Pierce, it was a "grounded and plausible forecast." It's even possible to reach such numbers within this year, blockchain pioneer said. Still, he reiterated the importance of recognizing the "inherent unpredictability in these markets," adding that while Palmer's prediction does align with most in the cryptocurrency industry, "it's crucial to approach it with a balanced perspective, acknowledging that while possible, it's not a guaranteed outcome."
When asked if he believes BTC can pass its all-time high record before the first half of 2024 ends, Pierce said he "firmly" believes there is a strong possibility for such an event. "The momentum behind it, coupled with favorable market conditions, sets the stage for achieving this milestone."
Pierce just may be right as other Bitcoin enthusiasts and cryptocurrency researchers alike see BTC moving forward.
Bitwise asset management CIO Matt Hougan foresees that the current rally could extend to "summer and beyond." Portfolio manager for Blockforce Capital, Brett Munster, said a possible result of the rally, which is largely driven by ETFs, could mean the "cycle will be larger than the last one."
Regardless of how Bitcoin's current rally moves, skeptics, at the moment, may be scrambling to reassess their stance. Bitcoin has had its downward moments, but the latest movement has apparently sent shockwaves across the financial landscape as the world's premier digital asset could be at the verge of making history once more.
