Bitcoin Surges Past $110,000, Setting New All-Time High
Bitcoin has surged past $110,000, setting a new all-time high. This comes after a brief dip below $80,000, which analysts view as a minor correction within an ongoing bull market. The cryptocurrency's recent performance has sparked debate among analysts about its future trajectory.
Bitcoin first broke the $100,000 mark in late 2021 and reached an all-time high of over $109,000 in January 2022. After a dip to around $75,000, it surged again in May 2023, finally breaching the January high on Thursday. Market analyst Tony Sycamore at IG noted that a sustained break above $110,000 is needed to trigger the next leg higher towards $125,000.
Institutional investors are increasingly bullish on Bitcoin. US-listed spot Bitcoin ETFs saw around $4.2 billion in inflows in May, indicating growing confidence in the asset class. Options traders are also betting big, with some predicting a price of $300,000 for Bitcoin. Standard Chartered Bank analyst Geoffrey Kendrick even suggested that the $120,000 target by the end of the current quarter was an underestimation, hinting at more upside for Bitcoin.
The Monetary Authority of Singapore (MAS) generally encourages innovation in digital assets, including cryptocurrencies like Bitcoin. However, specific recent statements on Bitcoin's future in Singapore are not detailed in the provided search results.
Bitcoin's recent surge past $110,000 signals continued bullish momentum. Analysts predict further gains, with some targets set as high as $150,000 to $180,000 by the end of the year. Institutional investors and options traders alike are expressing confidence in Bitcoin's prospects. Despite the lack of specific recent statements from the Monetary Authority of Singapore, the cryptocurrency's future in the region remains a topic of interest.
