Bitcoin price reaches new record of $73.8K, leading analyst predicts significant market shift

Bitcoin (BTC) reached a new all-time high on March 14, fueling anticipation for further price gains. The cryptocurrency climbed to a record of $73,794 on Bitstamp, erasing any previous weakness seen before Wall Street opened. Traders and analysts noted that Bitcoin successfully retested old all-time highs as support. Excitement also grew around the impact of the United States’ spot Bitcoin exchange-traded funds (ETFs), which saw substantial inflows on March 13. These inflows far exceeded outflows from the Grayscale Bitcoin Trust, favoring bullish momentum. Statistician Willy Woo and ARK Invest CEO Cathie Wood expressed optimism about the potential of institutional products like ETFs. Tech firm MicroStrategy, which currently holds the largest Bitcoin treasury among public companies, announced plans to acquire more than 1% of the total BTC supply. Charles Edwards, founder of Capriole Investments, predicted a big move for Bitcoin, emphasizing the recent influx of ETFs. Despite some concerns about sustaining momentum, bullish calls remained prominent. However, this article does not offer investment advice and readers should conduct their own research before making any decisions.