Bitcoin moves towards a daily close above $72,000

Bitcoin (BTC) reached a new all-time high this Monday at $72,710.68, according to data aggregator CoinGecko. Since BTC went over $70,000 again, it managed to hold its ground on top of that price level and now walks towards a daily close above $72,000.

The trader known on X (formerly Twitter) as Rekt Capital shared that whenever Bitcoin breaks its old all-time high, a bull market starts followed by a top in the next 266 to 315 days.

“Bitcoin reached a new all-time high last week. Next Bull Market peak may thus occur in 266-315 days. That’s December 2024 or February 2025,” he said.

This Monday also marked the closure of the first two months of the 10 spot BTC exchange-traded funds (ETF) being traded in the US, according to Bloomberg ETF analyst Eric Balchunas.

“First two months officially in the books (it’s felt like six) and the ten bitcoin ETFs now have over $55b in assets with exactly double that in volume at $110b. If these were the numbers at the end of year I’d call them a success. To do it in eight weeks is simply absurd,” he in an X post.

Balchunas also highlighted that BlackRock’s IBIT and Fidelity’s FBTC are the third and fourth-largest ETFs by year-to-date flows, respectively.

Another significant development involving Bitcoin this Monday was the announcement made by MicroStrategy that a new batch of 12,000 BTC was bought at an average price of $68,477. MicroStrategy now holds 205,000 BTC.

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