Bitcoin is reaching the US$70,000 level, although some have speculated that this level will not be reached until the end of March. Bitcoin's price rise is motivated not only by an influx of funds into ETFs, but also by the expectation of halving or also the weakness of the US dollar. There has also been recent talk of the return of wallets frozen for years, which could theoretically pose a threat to the stability of this cryptocurrency if a large amount of Bitcoin were to be dumped into the market.
Some analysts point out that the price of Bitcoin could be doubled if there is a repeat of history. When Bitcoin previously beat its historical peaks, the price doubled over the couples of weeks. The exception was in 2021.
Nevertheless, after reaching 70,000, the price of Bitcoin settled down to 67,000, a retracement of around 4%. Currently, the price is trying to stabilize above 68000.
Source: xStation5
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