Bitcoin zooms to fresh record high, tops $72,500. What's next?

Meanwhile, the market capitalization of BTC has now reached $1.42 trillion, exceeding that of silver, which stands at $1.38 trillion. "This positive momentum is attributed to the increasing interest in Bitcoin spot ETFs and the impending Bitcoin halving event," said Edul Patel, CEO of Mudrex.

Supply of bitcoin, which is limited to 21 million tokens, is set to get tighter in April when the "halving" event takes place. Every four years, the rate at which new supply is released into circulation, as well as the reward for crypto miners, is halved, which tends to support the price.

What is next for Bitcoin?

Vikram Subburaj, CEO, Giottus Crypto Platform

Bitcoin has entered price discovery mode and, for the first time, is ahead of its halving. Price targets for BTC will be psychological with $75,000 as the next key zone. Entry of new retail investors and euphoria can drive its price towards $80,000 this month.

Edul Patel, CEO of Mudrex

Over the past year, Bitcoin has seen a remarkable 250% increase, driven by growing mainstream acceptance and investments from both retail and institutional investors following the approval of the Bitcoin spot ETF. The next hurdle is anticipated at the $76,000 level.

Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin's current rise to $72,500 underscores its market dominance, with technical indicators pointing to a bullish trend. Resistance levels at $73,824, $76,749 and $79,904 pose challenges, while support levels at $67,154, $64,861 and $62,192 offer cushions against the downside.

(With inputs from agencies)

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Source: Forex-Markets-Economic Times