Bitcoin's Bull Run Continues: Closes Daily Trading Above $72,000

Bitcoin (BTC) surged to an unprecedented peak this Monday, hitting $72,710.68, as per data from CoinGecko. Holding firm above the $70,000 mark, The price of BTC in the stock market has surpassed a daily close of $72,000.

Rekt Capital suggests that the price of Bitcoin will surpass its previous all-time high

Rekt Capital, a trader on X (previously Twitter), notes that each time Bitcoin surpasses its previous all-time high, it heralds the onset of a bull market, typically followed by a peak within the subsequent 266 to 315 days.

The next bull market peak might occur within 266-315 days

"Bitcoin reached a new all-time high last week. Next Bull Market peak may thus occur in 266-315 days. That’s December 2024 or February 2025," they stated.

ETFs currently have over $55 billion in assets and $110 billion in trading volume

Eric Balchunas, an ETF analyst at Bloomberg, noted the remarkable performance of the first two months of trading for the 10 BTC exchange-traded funds (ETFs) in the US. These ETFs now boast over $55 billion in assets and a trading volume of $110 billion, a feat Balchunas finds astonishing for just an eight-week period.

IBIT and FBTC are ranked the third and fourth largest ETFs respectively

Balchunas highlighted that BlackRock's IBIT and Fidelity's FBTC rank as the third and fourth-largest ETFs by year-to-date flows, showcasing significant investor interest.

MicroStrategy has added 12,000 BTC to its holdings at an average cost of approximately $68,477 per coin

MicroStrategy made waves by announcing the purchase of an additional 12,000 BTC at an average price of $68,477, further bolstering its substantial BTC holdings to 205,000.