Bitcoin soars past $70K: Will BTC hit $75K soon?

Bitcoin (BTC) has reached its all-time high, reaching $70,000, demonstrating market strength and gaining the attention of mainstream media and financial professionals.

Scarcity, investment, and expectation are key reasons driving this spike. Over-the-Counter (OTC) trading desks are witnessing Bitcoin shortages, indicating rising demand for the digital commodity.

The drop in BTC reserves stored on exchanges implies that investors are increasingly preferring to store assets in private wallets or safe storage options.

Furthermore, exchange-Traded Funds (ETFs) are increasing buying pressure by acquiring an average of 4,000 Bitcoins every day, offering a regulated and accessible way for a larger spectrum of investors to obtain exposure to Bitcoin.

The prolonged purchasing pressure from institutional investors via ETFs is a big contributor to Bitcoin’s price increase.

The anticipation of the forthcoming Bitcoin halving, which is set to take place in 41 days, adds to the buzz around BTC.

Note that halvings are pre-scheduled occurrences that cut the reward for mining new blocks in half, thereby restricting the fresh supply of Bitcoin.

Historically, halvings have resulted in significant price rallies because lower supply, along with stable or growing demand, tends to push up the price.

According to Google Trends, interest in Bitcoin has hit an all-time high, with people from all walks of life, even those who are new to cryptocurrencies, wanting to comprehend and perhaps participate in this financial phenomena.