The price trajectory of Bitcoin on major exchanges has traders evaluating a potential move toward a new peak. A notable analyst from Smart Blockchain suggested that Bitcoin could surge toward 70,000 dollars in the near term, revisiting the all‑time high last seen in late 2021. While noting that Bitcoin traded around 64,500 dollars recently, the forecast points to a possible fresh rally that could push the price to 70,000. The question many investors are asking is whether the asset can sustain such a level after a breakout to a new high.
Bitcoin reached its previous peak on November 9, 2021, roughly a year after the third halving event. In the months that followed, the weighted average price hovered near the 70,000 dollar mark, topping at around 67,549 dollars. The current price environment, with Bitcoin trading in the mid‑60s thousands and momentum building, fuels speculation that a new all‑time high could occur within weeks. Yet market participants also consider the plausibility of a pullback and the ability of price to hold a newly established high if reached.
What is halving?
A halving is a scheduled event that reduces the rate at which new Bitcoin is created. It ensures that the total supply never exceeds 21 million coins. Built into Bitcoin’s code, halving events have occurred three times since the network’s inception. Each halving halves the issuance rate, and in previous cycles, these reductions have coincided with periods of stronger price action as market dynamics tighten supply and demand.
Analysts note that current price movements are influenced by a mix of profit‑taking concerns and renewed investor interest. Some market participants are chasing gains, while others anticipate that the volatility typical of crypto markets will continue to produce sharp corrections after significant upswings. In recent weeks, the market has shown a pattern of consecutive days with gains, contributing to a broader sense of optimism. Since the start of the year, cumulative growth has remained substantial, even as traders brace for potential corrections amid emotional trading cycles.
Experts emphasize that deciding whether to buy, hold, or sell during rapid price increases depends on risk tolerance, diversification, and time horizon. The crypto market remains sensitive to macro developments, regulatory signals, and changes in investor sentiment, all of which can amplify moves higher or trigger swift reversals.
As the market unfolds, Canadian and American traders increasingly rely on technical indicators, on‑chain data, and macro context to gauge whether the current rally can sustain itself or whether a more measured approach is prudent. The broader takeaway is that Bitcoin’s price action continues to reflect a balance between limited supply, growing demand, and the emotional dynamics that accompany rapid market moves.