Will Bitcoin break $70,000 hold

The most famous cryptocurrency in the world, “Bitcoin,” needs to rise by about 270 percent to reach the levels of $100,000, at a time when it has managed to achieve a jump of 70 percent since the beginning of this year. Bitcoin's price reached its highest level ever at about $69,000 in November 2021, and since then the currency has lost about 60 percent of its value. For his part, Amr Zakaria Abdo, co-founder of the Market Trader Academy for Financial Market Studies, ruled out the possibility of Bitcoin reaching levels of $100,000 this year, explaining in an exclusive interview with “Eqtisad Sky News Arabia” that the most famous cryptocurrency in the world is currently experiencing... An increase of more than 70 percent since the beginning of the year. Abdo explains that the main driver of Bitcoin in 2021, when it recorded levels near $69,000, were the Asian markets, while today we are witnessing that the main support for the rise of the Bitcoin currency comes more than two-thirds of it, about 70 percent, during US market trading, and 16 percent during European trading hours, and 4 percent of Asia. Meanwhile, Mazen Salhab, founder and CEO of MAS Consulting, says: “Although Bitcoin’s gains have increased by approximately 70 percent since the beginning of this year and it is currently trading at 28 thousand dollars, it is unlikely to reach 100 thousand dollars this year because the factors... The momentum that brought Bitcoin to its current heights may fade, explaining that reaching these levels will be a matter of time and we may reach them within two years, that is, with the next date for the division process.” However, Marshall Baird, chief strategist at the digital currency exchange Gemini, believes that $100,000 may be a possibility for Bitcoin. “I think Bitcoin may be able to surpass all-time highs this year,” Baird said, adding that the $100,000 figure is an “interesting number.” “If Bitcoin reaches its previous record high near $69,000, it won’t take much longer than that for it to rise to $100,000,” Baird said. For his part, Paolo Ardoino, chief technology officer at Tether, said that bitcoin could “retest” its all-time high near $69,000. Forecasts of new record highs indicate a more optimistic outlook than in January when industry executives told CNBC they expected 2023 to be a cautious year.