Bitcoin Rallies 23% in Best Week Since March 2023
Bitcoin's price surge over the past week has been nothing short of remarkable. With a gain of 23.47% from Monday to Friday, it's had its best week since March 2023. The cryptocurrency climbed from around $62,800 to above $77,000, marking its strongest week in over three years.
The rally was fueled by two key events: the CLARITY Act vote and President Donald Trump's renewed call for federal regulatory reform. Brian Armstrong, CEO of Coinbase Global Inc., believes that the year-long crypto spot trading bear market is nearing its end, citing his optimism about the upcoming CLARITY Act vote.
Matthew Sigel, Head of Digital Asset Research at VanEck, reiterates his $100,000 Bitcoin price target for 2027 and suggests a possible $500,000 price point by 2029. Meanwhile, Dogecoin experienced a surge due to the speculative momentum building across digital asset markets.
Ethereum could potentially hit $5,000 by the end of the year, according to Arthur Hayes, Chief Investment Officer of Maelstorm. This bullish outlook is attributed to market positioning and liquidity.