This 1 Catalyst Could Send Bitcoin Soaring Back to Its All-Time High of $69,000
There's a good reason why Bitcoin (CRYPTO: BTC) has earned a reputation as a tremendously volatile asset. It typically moves in dramatic boom-and-bust cycles, sometimes without any apparent rhyme or reason. After a huge "bust" year in 2022, when it lost 65% of its value, Bitcoin has entered a new "boom" phase and is up more than 110% for the year.
What makes this year's boom so remarkable is that it is not being driven by retail investors. Instead, the driving catalyst for this year's rally appears to be large institutional investors, many of whom are embracing Bitcoin for the first time. And that is leading to some tremendously bullish predictions about where Bitcoin could be headed next, including a potential rally back to its all-time high of $69,000.
The signs of a dramatic change in investor sentiment are everywhere these days. Wall Street giant Morgan Stanley recently opined that "crypto winter" could finally be over. A top market strategist at Fidelity Investments recently outlined a new investment thesis calling Bitcoin "exponential gold." Even some top hedge fund managers, who never before invested in crypto, are now waxing poetic about the allure of Bitcoin. Legendary billionaire Stanley Druckenmiller, for example, recently said in a Robinhood Fireside Chat, "I don't own any Bitcoin, to be frank, but I should."
Source Fool.com
