Bitcoin Price Prediction as BTC Blasts Past $24,000 – Is a New Bull Market Starting?

cryptonews.com:

Bitcoin is on a roll as it blasts past the $24,000 mark, and investors are wondering whether a new bull market is starting. After Bitcoin hit an all-time high in December 2017, it suffered a major crash and has been struggling to regain its previous heights ever since. 

However, recent events such as major companies investing in Bitcoin and institutional adoption have fueled a surge in prices, leading many to speculate that a new bull market is on the horizon. 

In addition, the recent establishment of a new unit by the Bank of New York Mellon aimed at helping customers to hold, transfer, and issue digital assets has been seen as a significant contributing factor to the recent surge in the value of Bitcoin. 

Let's take a closer look at what's driving Bitcoin's rise and what analysts are saying about its future price predictions.

The global cryptocurrency market has witnessed a surge today, primarily due to the rise in institutional adoption and interest from significant companies. Investors have also been encouraged by the robust US retail sales data, which is seen as good news for earnings rather than a concern that it would boost interest rate hikes. 

Additionally, the launch of the non-fungible tokens (NFTs) protocol Ordinals in January 2023 has led to the average size of a Bitcoin block reaching 2.5 gigabytes (GB) for the first time since the cryptocurrency's founding in 2009, contributing to the market's upward trend.

As a result, the global crypto market cap has reached a new all-time high of $1.11 trillion, up 8.55 percent in 24 hours at the time of writing.

Bitcoin's average block size has reached an all-time high, topping 2.5 gigabytes (MB) for the first time since the cryptocurrency's creation in 2009. This is thanks