$Bitcoin (BTC.CC)$ hit a new all-time high above $69,000 early Tuesday, then turned south and traded some 8% lower later in the day.
BTC peaked at $69,210 shortly after 10 a.m. ET, but the price pulled back to $62,423.94 shortly before 4 p.m. ET -- off 7.7% on the day.
According to Benzinga, the surge came with a firestorm of predictions from industry experts.
Speaking with Benzinga, analysts attribute the recent surge to a confluence of factors, including increased demand from institutional investors and the introduction of several Bitcoin exchange-traded funds.
"Bitcoin has crossed the chasm between retail and professional investors," said Matthew Hougan, CIO of Bitwise Asset Management. "When you add in the halving, potential rate cuts, and the election, it's a perfect setup," he continued, hinting at potentially reaching even higher price points like $100,000 or even $200,000.
Gracy Chen, managing director of Bitget, emphasized the significance of Bitcoin ETFs.
"These are investment products that track the price of Bitcoin and trade on regulated exchanges, making it easier and cheaper for investors to gain exposure to Bitcoin," Chen said. Chen further predicts a potential high of $120,000-$140,000 for Bitcoin in this bull run.
Stijn Paumen, co-founder of Helio, echoed this sentiment: "This uptrend is not only attracting new users but is also paving the way for innovative applications of digital currencies."
He pointed to the recent introduction of Ordinals on the Bitcoin blockchain, highlighting their potential to expand Bitcoin's utility beyond that of a speculative asset.
While experts paint a predominantly optimistic picture, Anndy Lian, an intergovernmental blockchain advisor, cautions against undue exuberance.
"The Bitcoin market is showing signs of overheating and a potential correction," he warned, advising investors to be prepared for volatility.