Bitcoin, off to a scorching start this week, nears all-time high
Many are predicting a new record is imminent.
Just in time to celebrate Bitcoin Pizza Day, bitcoin is gobbling up positive news.
Last evening, the asset almost broke $108,000, and as of writing, bitcoin is at about $107,700 and climbing. This is within striking distance of the all-time high of $109,114 it hit on Inauguration Day.
The narrowing gap is prompting several bitcoin maxis to say that a new record is just around the corner. Bitcoin crossed the $100,000 mark on May 8 following the UK-US trade deal, the first time it crossed the symbolic price since early February.
Nic Puckrin, founder of Coin Bureau, told Sherwood News he expects a new ATH “quite possibly this week.”
“However, we just saw a hard rejection at $108,000, which suggests things are going to get very turbulent indeed over the next few days. Once we’re past the ATH, I expect to see a fairly rapid surge up to $120,000 and retail investors piling in beyond that,” Puckrin said.
Bitcoin spot ETFs are surging as well. Notably, BlackRock’s iShares Bitcoin Trust is now in the top five of all ETFs (not just crypto) in year-to-date flows.
Bloomberg Intelligence analyst Eric Balchunas deemed the development “wild,” as just a month ago, the ETF ranked 47th in flows.
It “has since gone Full Pac-Man with a +$6.5b spree. As gold and cash ETFs slip down, the leaderboard is slowly turning back into 2024,” Balchunas posted on X.
Speaking of gold, Americans are shying away from the safe haven asset lately. A new River report shows that “bitcoin is becoming America’s reserve asset,” with 50 million Americans owning bitcoin, compared to 37 million owning gold.
A separate survey from NFT Evening also underscores this trend, finding that 72% of Americans have bought more bitcoin than gold following President Trump’s tariff announcements, and 76% believe it’s a “safe haven asset.”
