Bitcoin reached an all-time high today, jumping to just over $67,000 per bitcoin on Luxembourg’s Bitstamp exchange – more than doubling where it started in 2021.
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Bitcoin price has added more than 40% over the past 30 days, with other major cryptocurrencies such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin all on the rise. The combined cryptocurrency market also surpassed its previous all-time high, set in May, breaking $2.6 trillion for the first time.
Ahead of the launch of the first US bitcoin futures trading 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, describing bitcoin as an “overbought”.
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“I wouldn’t be surprised by a bit of the merger,” said Yusko, CEO and chief investment officer of Morgan Creek Capital Management. CNBCHe added that he was “excited” about the ETF’s approval.
Look, we’re up 40% this month just 15 days ago – ‘pause being refreshed’ wouldn’t surprise me, given how overbought we are now. There is some risk of ‘rumor buying, news selling’.
Bullish bitcoin and crypto traders sent the price of bitcoin sharply higher yesterday after the ProShare bitcoin futures ETF launched in New York, posting a nearly 5% rise in stock prices and nearly $1 billion in intraday volume.
Yusko predicted that there could be some “profit taking” in the wake of the highly anticipated Bitcoin ETF launch, noting the roughly 20% crash in the price of Bitcoin after El Salvador’s legalization in September, calling it a “small crash”. “
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However, Yusko previously said he expects the price of bitcoin to rise to $250,000 in the next five years, and predicts that bitcoin will be worth gold at that time — echoing billionaire investor Chammat Palihabptiya who said earlier this month that he expects it to Bitcoin is eventually replacing gold. .
Meanwhile, with bitcoin fees hitting new territory, some predicted it would continue to outpace the likes of Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin — most of which have outpaced bitcoin’s rally over the past year.
“The setup on Bitcoin looks very similar to what it did at this time last year, with the leader outperforming other cryptocurrencies and posting a massive rally in the fourth quarter,” Pankaj Palani, CEO of crypto derivatives exchange Delta, said in an email. “. comments.
“We expect bitcoin to outperform other cryptocurrencies here and we expect to see a six-figure price for bitcoin before the end of this year.”