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Bitcoin (BTC) has hit multiple all-time highs over the last few months. The original cryptocurrency hit a high of $108,786 earlier this year in January. The rally was likely due to President Donald Trump’s inauguration. Trump’s pro-crypto policies may have led to a spike in market participants.
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Bitcoin’s Price Correction
Since its January highs, BTC’s price has struggled to gain momentum. The asset’s price descended to below $79,000 earlier this month. The dip was likely due to macroeconomic headwinds and global trade wars. The US announced tariffs against Canada, Mexico, and the European Union (EU). The move led to a dip in investor sentiment.
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Bitcoin (BTC) has since reclaimed the $87,000 mark. The market resurgence is probably due to the US easing its tariffs and the Fed pausing interest rate hikes. The Fed may also announce a rate cut soon. The move may lead to another market-wide rally.
When Will The Asset Hit $100,000 Again?
Bitcoin’s (BTC) price has to rally by 13.56% to hit $100,000 again.
According to CoinCodex, BTC will continue to rally over the coming weeks. The platform anticipates the asset to hit the $100,000 mark later this month. According to CoinCodex’s estimates, BTC could trade at $100,082 on Mar. 30. The platform does not expect BTC’s price to stop there. According to the platform, BTC could hit a new all-time high of $128,952 on Apr. 5. Reaching $128,952 from current price levels will entail a rally of about 46.44%. CoinCodex anticipates BTC to face a correction after hitting the $128,952 mark. The asset could fall below $100,000 once again by May 10.
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There is also a possibility that BTC will continue rallying and not face a correction. If macroeconomic conditions improve, we may see an extended market rally.
