The bull market is experiencing significant momentum. Bitcoin recently climbed from $120,000 to $123,855 but couldn’t surpass its previous peak of $124,128.
Currently, Bitcoin is valued at approximately $122,604 after a slight dip from a recent high point, as reported by CoinGecko. It has risen by 1.3% today and shows an increase of over 11% over the past week.
This marks the closest approach Bitcoin has made to its record high since it hit $124,128 in mid-August. Joe DiPasquale, CEO of BitBull Capital, commented that “Bitcoin momentarily approached record levels but pulled back due to profit-taking activities. The general sentiment remains optimistic; demand for Bitcoin is anticipated to grow as ongoing government shutdowns push investors towards alternative assets.”
Strah Savinja from FRNT Financial highlighted that the perception of Bitcoin as a safe haven asset is becoming more robust: “The allure of BTC is not only more apparent but also increasingly entrenched in investor consciousness. This trend becomes clearer amidst declining confidence in traditional institutions.”
*This should not be considered investment advice.