The post Bitcoin (BTC) Price To Hit $60K Anytime Soon appeared first on Coinpedia Fintech News
Bitcoin’s (BTC) price has been hitting new 25-month highs for the past three days, thus signaling the bulls are in control. The flagship coin rallied more than 5 percent in the past 24 hours to trade around $59,300 on Wednesday during the early London season.
Remarkably, Bitcoin price is trading at a price discovery level in several currencies including from Japan, Nigeria, Lebanon, Malawi, Pakistan, Turkey, and Argentina, among others.
Bitcoin to $60k is Inevitable
As a result, it is safe to assume that Bitcoin price will soon trade above the all-time high in top currencies like the U.S. dollar, Euro, and Pound sterling. Moreover, the high fiat inflation is nowhere to end while Bitcoin is programmed to reduce annual inflation every four years through the halving event.
As Bitcoin price approaches $60,000, the funding rate has skyrocketed in the past few weeks fueled by increased global geopolitical tensions.
Crypto Whales’ Unquenchable Demand
According to on-chain data provided by Cryptoquant, newbie whales reached an ATH of about $7.3 billion in unrealized profits, while old whales are still below 2021’s peak at around $40 billion. The high demand for Bitcoin by institutional investors was triggered by the approval of the spot Bitcoin ETFs in the United States, which controls around 25 percent of global economic activities.
Despite the notable outflows from Grayscale’s GBTC, cash inflows to spot Bitcoin ETFs have been outperforming the selling pressure. Notably, Spot Bitcoin ETF issuers have been consuming around 10k Bitcoins per day on average in recent weeks compared to 900 coins produced by the miners.