$70,000 For 1 BTC || New All Time High - The Factors Driving Up The Price.

Bitcoin has once again attracted global interest, reaching yet another all-time high of $70k. Word is beginning to get out, and people don't wanna miss out and have began to FOMO. The indications of a bull market are more clear than ever with the Bitcoin halving in less than a month.




![Screenshot_2024-03-08-23-58-37-838_com.bybit.app.jpg]()



A lot of people thinks the bull run has started, maybe because of BTC breaking it previous ATH and creating a new one or maybe because of the big FOMO that is setting in.



There is a lot of genuine excitement about $70K on social media. There are numerous forecasts ranging from hitting 100K to going to the moon! We'll soon be able to hear conversations about bitcoin on news programs and online forums.

Notwithstanding the cacophony around Bitcoin's price movement, it is imperative to recognize the recurrent patterns, especially the four-year cycles triggered by halving occurrences. The basic dynamics don't change, even though the increase in value is definitely eye-catching.

In this post I'll like to discuss some of the factors that have been driving the price of Bitcoin, so if you're in it for the long haul, it's best to stick to the tried-and-true methods of investing.


___

##### The Previous Pattern


___


The past performance of Bitcoin shows a clear trend associated with its halving cycles. The rewards for miners is cut in half every four years, which lowers the rate at which new bitcoins are created. This principle of scarcity has historically set off bull markets and propelled the price of Bitcoin to unprecedented levels. While we celebrate this all-time high, we must also acknowledge that it is consistent with the pattern, highlighting the cyclical nature of Bitcoin's market behavior.


___

##### Approval Of ETF Giving Confidence To Investors.

___


Even if the patterns could resemble those from earlier cycles, the state of the market now is noticeably different. More institutions are involved, and there are a lot more rules in existence. The approval of the ETF and the resulting demand for it are evidence of the increasing mainstream acceptance of Bitcoin. Large investors have been inspired by this to purchase Bitcoin.


___

##### Noise From Media and FOMO

___


One cannot overestimate the media's contribution to market sentiment amplification, as it frequently fuels the Muggles' FOMO (fear of missing out). Investors must remember to maintain composure in the face of all the excitement and cacophony by keeping in mind that the market dynamics are complex and influenced by a number of variables other than the enthusiasm itself. Still, I expect some long-lost friends to message me like they did during the last bull market, asking if it's too late to buy BTC.

___


### Conclusion

___


Some of the factors driving up the price of Bitcoin are listed above. There is no denying the excitement surrounding Bitcoin's recent record high of $70,000. On the other hand, a new viewpoint serves as a reminder of the persistent trends in Bitcoin's price movement, which are based on halving cycles. Investors would be well advised to maintain their composure and apply the age-old principle of dollar cost averaging even in the face of media hype and possible FOMO.