Bitcoin hit a new all-time high today, hitting just over $ 67,000 per bitcoin on the Luxembourg-based Bitstamp exchange, more than double where it started in 2021.
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The price of bitcoin has risen by over 40% over the past 30 days, with other major cryptocurrencies ethereum, cardano, Binance’s BNB, Ripple’s XRP, solana, and dogecoin all on the rise. The combined crypto market also broke its previous all-time high, set in May, topping $ 2.6 trillion for the first time.
Ahead of the launch of the first U.S. bitcoin exchange traded fund (ETF) on the New York Stock Exchange, hedge fund manager Mark Yusko warned that the price of bitcoin could be due to a pullback, calling bitcoin a “overbought”.
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“I wouldn’t be surprised by a small consolidation,” said Yusko, managing director and chief investment officer of Morgan Creek Capital Management. CNBC, adding that he is “excited” by the ETF approval.
“Look, we’ve increased 40% this month, which is only 15 days old. A “refreshing break”, given how overbought we are at the moment, wouldn’t surprise me. There is a certain risk of “buying the rumor, selling the news. ‘”
Bullish bitcoin and crypto traders pushed up the price of bitcoin yesterday after ProShare’s bitcoin futures ETF started trading in New York, recording a share price rise of nearly 5% and nearly $ 1 billion in intraday trading volume.
Yusko predicted there could be some “profit taking” following the highly anticipated bitcoin ETF launch, highlighting bitcoin’s nearly 20% price drop following El Salvador’s adoption of bitcoin as legal tender in September, calling it a “mini-crash”. “
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However, Yusko has previously stated that he expects the price of bitcoin to climb to $ 250,000 over the next five years, predicting that the value of bitcoin will then equal gold, echoing billionaire investor Chamath Palihapitiya who said earlier this month that he expects bitcoin to eventually replace gold. .
Meanwhile, as bitcoin seeps into new territories, some have predicted that it will continue to outperform such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, Solana, and Dogecoin, most of which have far outperformed the rally. of Bitcoin over the past year.
“The setup on bitcoin looks a lot like it was around the same time last year, when the barometer outperformed other altcoins and showed a massive rally in the fourth quarter,” said Pankaj Balani, chief executive of the Delta Crypto Derivatives Exchange, in an email. comments.
“We expect bitcoin to outperform other cryptos here and we expect to see a six-digit price on bitcoin before the end of this year.”