Bitcoin's Rally Surge above $64000

Bitcoin experienced a remarkable surge of 9.5% on Wednesday, marking its most significant single-day percentage increase since October 23, as reported by charting platform TradingView.

The cryptocurrency soared to $64,000 on various exchanges, reaching its highest point since November 2021. This rapid upward movement from Monday's low, hovering around $51,500, has largely been attributed to the increasing acceptance of spot-based bitcoin Exchange-Traded Funds (ETFs) by Wall Street. 

Analysts widely anticipate that this rally will persist over the forthcoming months, potentially propelling prices into the six-figure range. Analysis indicates a conservative price target of $100,000-$120,000 to be reached by Q4 2024, with the peak of the cycle expected sometime in 2025 in terms of total cryptocurrency market capitalization.

The ETFs have introduced 'passive demand,' meaning that investors are now seeking exposure to bitcoin as a store of value rather than merely a volatile tradable asset, which has been the prevailing narrative for several years prior to the ETFs' introduction.

Earlier in the week, renowned technical analyst Peter Brandt suggested that bitcoin could potentially reach a peak of $200,000 by September 2025.