Bitcoin ($BTC) has recently recorded the top weekly close. The latest market data reveals that Bitcoin ($BTC) has closed the past week at the highest level of $107K. This remarkable development takes place following consecutive gains for 6 weeks, while the current price of Bitcoin is around $105,000. Additionally, this notable weekly close heightens the speculation of a likely all-time high price in the short term.
Bitcoin ($BTC) Witnesses Peak Weekly Close at $107K
As Bitcoin’s weekly close has touched $107,000K, the top crypto asset has a greater possibility to soon claim an exclusive ATH. This upsurge takes place at a time when the institutions are ramping up their Bitcoin ($BTC) exposure. Specifically, a Japanese investment platform Metaplanet revealed a new purchase of nearly 1,004 $BTC. This buyout has raised the cumulative holdings of the firm to 7,800 $BTC, accounting for $812M.
In this respect, the wide-scale $BTC accumulation indicates increasing confidence in the flagship cryptocurrency’s long-term trajectory. Specifically, Arthur Hayes, the former CEO of BitMEX, believes in $BTC’s potential for more price upside. To back his idea, he has referred to the surging liquidity in the U.S. market as a crucial factor. According to him, the Treasury General Account has plunged by $300B this quarter. This enables concealed government spending despite the constrained debt ceiling.
Big Price Action to Occur Before 3rd Quarter, Says Arthur Hayes
Keeping this in view, as the liquidity is boosting Bitcoin’s price, $BTC could jump to $106K and even $107K marks soon. Apart from that, the long-term price target of Bitcoin is the $150K-$200K range. However, to reach that level, Bitcoin ($BTC) first needs to rise above the $110K spot. Amid this broader bullish outlook, Hayes points toward the anticipation of a huge price action before the 3rd quarter of this year.
