This week, Bitcoin continues to shatter records, repeatedly reaching new highs. Today, the price soared to a staggering $73,650, a remarkable  6.74% increase from the all-time high in 2021. This surge comes after a 5% dip triggered by inflation concerns, highlighting the cryptocurrency’s remarkable resilience. 

In the fast-changing world of digital assets, experts are struggling to keep pace with the astronomical ascent of Bitcoin. Fueled by its recent new high, Bitcoin has entered a phase where numeraus market analysts believe the price can only go up. This “up only” trend signifies a relentless upward trajectory, with analysts predicting continued gains.

Future Trajectory of Bitcoin

Renowned crypto analyst Ali Martinez took to his X account to share his insights on Bitcoin’s future trajectory. Using the Bitcoin MVRV Pricing Bands, a metric that compares the market value to historical investor prices, Ali predicts a key target of $83,035.

Founder and CEO of CryptoQuant Ju Young Ju’s rationale is that, as long as Bitcoin Spot ETF inflows keep coming, bears would stand no chance against bulls as demand significantly outpaces the available supply — considering that BTC ETFs have accumulated nearly $30 billion.

Ju highlighted the significant impact these institutional vehicles have on Bitcoin’s supply dynamics, as ETFs alone acquired over 30,000 BTC in a single week.

Shorts Running On Fumes?

 According to Ju, reaching such levels would mean trouble for Bitcoin shorts, who might struggle to put downward pressure on BTC’s price.

It’s worth noting that BTC’s surge has led to a significant increase in miner revenues, with daily Bitcoin mining rewards hitting a historic new high of $78.89 million, surpassing the previous record of $74.4 million set in October 2021.

Also See: Bitcoin Hits New All-Time High of $72,661 Amidst Institutional Investors’ Interest!