Bitcoin (BTC) Price Hits US$57,000, A 5-Month High Level

Bitcoin’s (BTC) price is now just 15% less than its ATH (all-time high) after it has hit a 5-months high level at US$57,000. Many analysts have started to compare the ongoing price rise of BTC with that of the bull runs of 2013 and 2017. Bitcoin is again[...]

Bitcoin’s (BTC) price is now just 15% less than its ATH (all-time high) after it has hit a 5-months high level at US$57,000. Many analysts have started to compare the ongoing price rise of BTC with that of the bull runs of 2013 and 2017. Bitcoin is again looking poised to break above the macro market movements and the US Dollar. It is expected to again emerge as the gold alternative that investors want it to be. The rise of bitcoin is taking place at a time when the altcoin season is getting slower. 


Experts believe that “Bitcoin season” has already ushered in and will see excellent growth in the coming months. The altcoins, on the other hand, will keep underperforming for some time now, likely until 2022. One most important observation is that Bitcoin is consolidating as Ether to BTC (ETH/BTC) is breaking down. The market capitalization of Ethereum against bitcoin BTC is at its lowest since August 2021. 


Ace trader and analyst Michaël van de Poppe sais:


“I'm assuming Bitcoin continues, while altcoins are not getting the game yet.”


However, Van de Poppe was quick to say that the ETH/USD pair will likely go high up to US$20,000 per ETH coin by the first quarter of 2022. 


Almost all analysts believe that the price of each bitcoin will rise. However, no one is sure how much it may go up. Many experts believe that the BTC price will likely increase to US$200,000 or even US$300,000.


The fundamentals of the Bitcoin network have also improved a lot lately. A noted analyst Kevin Rooke said that the Bitcoin network is currently capable of handling US$31 billion value in a single day. He went on to say:


“$31 billion. That's how much value was settled on the Bitcoin blockchain in a single day this week… It's a new all-time high for Bitcoin, and a 40x jump in settlement value since 2020 began.”


Moreover, this massive transformation hasn’t increased the transaction fees of Bitcoin. Bitcoin transaction fees have remained low. 


These factors are believed to attract more investments in BTC, which will enable the price to jump significantly in the coming months.