Study: Bitcoin may reach a new all-time high this year

A recent report revealed expectations that Bitcoin will rise to new highs this year. Considering that Bitcoin has not reached the top of its current bull cycle and is likely to exceed its all-time high this year, according to a research report issued by CCData.

Bitcoin reached an all-time high of over $73,700 in March, but has since traded in a range of roughly $59,000 to $72,000.

Bitcoin’s rally to a record high in March was largely driven by the approval of the launch of spot bitcoin exchange-traded funds, or ETFs, in the US in January.

It has attracted year-to-date net inflows of about $14.41 billion so far, according to CCData. ETFs allow investors to purchase a product that tracks the price of Bitcoin without owning the underlying cryptocurrency.

Cryptocurrency proponents say this has helped legitimize the asset class and facilitate the participation of larger institutional investors.