Today was almost that day.
Bitcoin’s price rose above $73,000 on Tuesday afternoon, leaving it just over $175 away from a new all-time high and surpassing its previous all-time high of $73,737 in March. And then it fell.
Eager crypto investors were no doubt glued to their screens this afternoon, watching Bitcoin lead the way in ultimately pushing the entire market higher. After hitting $70,000 late Monday for the first time in five months, BTC prices continued to rise on Tuesday, just one week before the US presidential election.
But it wasn’t meant to be. At least not yet. As of this writing, Bitcoin rose to $73,562 on Tuesday afternoon, according to data from CoinGecko, with top exchanges and other price aggregators similarly pegging their respective all-time highs below about $200. It shows the highest daily value.
Crypto Twitter reaction was surprisingly muted, with prominent tweets questioning the lack of euphoric jubilation (or crushing disappointment that followed) rather than hyping the moment. There were many things.
BTC is about 3% away from all-time highs.
Where is the sense of well-being?
where is everyone?
— Byzantine General (@ByzGeneral) October 29, 2024
Perhaps the news of Bitcoin’s all-time high near-miss isn’t as high-profile as it was in the past, after the major cryptocurrency finally broke its last high in March, breaking the record set at the end of 2021. It might be.
Or maybe the crypto trader still doesn’t believe the moment is completely lost, even though the distance has increased slightly over the past hour-plus. At the time of this writing, Bitcoin’s price is $72,495, which is still close enough to a sustained price peak.
The mood in the crypto industry has been bullish recently, not only because cryptocurrencies became an unexpected wedge issue in the US election cycle, but also due to increased demand for the Bitcoin ETF, which began trading in January. is overflowing.
Bitcoin’s close call on Tuesday may have disappointed some fans and investors, but with a price above $72,000, analysts are dangling six-figure forecasts for the coming months. even higher than the prices offered by major cryptocurrencies over the past few months.
That didn’t happen today, at least not yet. But stay tuned.
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