Bitcoin is the current market rage as the cryptocurrency managed to breach the coveted mark of $70K on Tuesday afternoon. Since then, the token has been attempting to hit another, possibly trying to cross over the $73K. At press time, BTC is sitting at $72K, with investors wondering whether the crypto can fit another price high this weekend.
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Bitcoin Soars To New Highs
Bitcoin, the king of cryptocurrencies, is trading at an all-time high of $72K. At the same time, BTC has been inviting extremely bullish value lately, with its institutional demand in custodial wallets peaking at a record pace.
“#Bitcoin institutional demand in custodial wallets is rising. Over the past year, 278K BTC flowed into U.S. spot ETFs (80% retail) vs. 670K BTC into whale wallets (1K+ BTC, excluding exchanges/mining pools). In custodial wallets, institutional demand is twice that of retail.”
#Bitcoin institutional demand in custodial wallets is rising.
— Ki Young Ju (@ki_young_ju) October 29, 2024
Over the past year, 278K BTC flowed into U.S. spot ETFs (80% retail) vs. 670K BTC into whale wallets (1K+ BTC, excluding exchanges/mining pools).
In custodial wallets, institutional demand is twice that of retail. pic.twitter.com/OsxS7x3kEL
Similarly, Ju outlined how Bitcoin is already on the verge of being adopted as a mainstream currency by 2030. Briefly explaining on X, Ju shared how Bitcoin’s institutional demand has grown rapidly.
This has led to a spike in entry barriers, which in turn has lowered BTC’s volatility. After the 2028 BTC halving, Bitcoin’s potential as a currency will increase, with the chances of being used globally consistently.
“#Bitcoin will likely be used as a “currency” around 2030. Bitcoin’s mining difficulty, which reflects the intensity of competition, has consistently hit all-time highs, increasing by 378% over the past three years. While 50 BTC could be mined with a single PC in 2009, it has become difficult for individual miners to participate. Large mining companies, backed by institutional investors, dominate the current mining industry. As institutional involvement grows, entry barriers rise, reducing Bitcoin’s volatility and its appeal as an investment asset. By the 2028 halving, Bitcoin’s potential as a low-volatility currency will increase.”
#Bitcoin will likely be used as a "currency" around 2030.
Bitcoin's mining difficulty, which reflects the intensity of competition, has consistently hit all-time highs, increasing by 378% over the past three years.
While 50 BTC could be mined with a single PC in 2009, it has… pic.twitter.com/lY8pRreZCl— Ki Young Ju (@ki_young_ju) October 24, 2024
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The Token’s Weekend Forecast
According to CoinCodex, BTC may hit another high this weekend. CC predicts the token to hit a new high of $81K by November 3, 2024.
At the same time, by the end of November, the platform expects BTC to claim another high of $94K.
“According to our current Bitcoin price prediction, the price of Bitcoin is predicted to rise by 31.41% and reach $94,940 by November 29, 2024. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 69 (greed). Bitcoin recorded 16/30 (53%) green days with 4.60% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy Bitcoin.”
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