Key Points
- Bitcoin’s post-halving surge continues to drive its price higher, surpassing the $89,000 mark.
- Despite the bullish trend, critics like Peter Schiff remain skeptical about Bitcoin’s long-term sustainability.
Bitcoin’s impressive bull run continues post-halving, with a rising demand and limited supply driving its price upwards.
This cryptocurrency, once struggling to surpass the $60,000 threshold, is now making headlines with its significant price surge.
Bitcoin’s Remarkable Rally
According to the latest data from CoinMarketCap, Bitcoin had surged to $88,683, an 8.81% rise in just 24 hours.
Over the past week and month, Bitcoin’s performance has been equally impressive, with gains of 28.72% and 41.21% respectively.
This rally has pushed Bitcoin past the $89,000 mark, contributing to an overall surge in the crypto market.
Market optimism, fueled by expectations of a continued boom under President Trump, is a significant driver behind this growth.
Anthony Scaramucci, CEO of SkyBridge Capital, acknowledged the impact of Trump’s victory on Bitcoin’s recent rally and expressed confidence in the potential for the U.S. to create a Strategic Bitcoin Reserve.
Post-Halving Surge as Main Driver
However, not everyone agrees with this viewpoint. Jesse Myers, co-founder of OnrampBitcoin, believes the main story is the post-halving surge.
According to Myers, the halving event has created a supply-demand imbalance, causing prices to rise to restore equilibrium.
He predicts a similar outcome after the 2024 halving, with the market entering a bull run that will continue to push Bitcoin’s price higher.
Despite the bullish trend, Peter Schiff, a vocal critic of Bitcoin, remains skeptical about its long-term sustainability.
He warns investors of potential risks, dismissing the current rally as speculative and unsustainable.
As Bitcoin approaches the $90K mark, the next phase for the cryptocurrency remains highly anticipated.
