Bitcoin (BTC) Price Just Skyrocketed to $65,000, Will ATH Emerge Soon?

Bitcoin's ($BTC) price has just reclaimed the $65,000 price mark amid the ongoing rally over the past few weeks. Amid the 5.4% surge in price over the past 24 hours, Bitcoin’s price and market capitalization are now pegged at $65,516.87 and $1,277,114,159,326, respectively.

Bitcoin growth triggers

Bitcoin’s current rally might be easily attributed to FOMO - fear of missing out - among institutional investors, but it is notably catalyzed by the spot $BTC ETF. With the SEC greenlighting this product in January, more than 300,000 $BTC have been acquired by all participants thus far.

The embrace of this spot Bitcoin ETF has changed the paradigm on the market overall with a massive supply crunch emerging. At the moment, only about 900 $BTC are produced per day, and this compares to an average of 10,000 $BTC being acquired by the spot Bitcoin ETF issuers overall.

This supply-demand imbalance is also poised to be compounded in the coming weeks as the upcoming Bitcoin halving event will reduce the supply of Bitcoin by 50%. If the demand is sustained by then, chances are the Bitcoin world will see more parabolic price gains overall.

$ATH in view?

Bitcoin is currently a few bullish candles away from breaking its all-time high ($ATH) of $68,789.63. If the bullish momentum is sustained, chances are the digital currency will breach this level this week.

Experts are optimistic this price level is reasonably low compared to what $BTC is truly worth when the supply crunch is properly priced in. Veterans like Samson Mow are optimistic that Bitcoin can indeed skyrocket to a high of $1 million in the long term.

Though there are imminent corrections possible along the way, Bitcoin notably has the right fundamentals to back the current growth projections for the foreseeable future.