Bitcoin (CRYPTO: BTC) is on track to reach a new all-time high within a matter of weeks, according to Alex Thorn, Head of Firmwide Research at Galaxy Digital.
What Happened: Thorn believes the recent surge in Bitcoin's price is just the beginning of a major bull run, fueled by several key factors.
Galaxy attributes the recent spike in Bitcoin's price to the influx of institutional investments, with Bitcoin ETFs recording a net $576 million of BTC. This marked BlackRock's (NYSE: BLK) largest-ever day of inflows.
Moreover, notable figures like Michael Saylor continue to bolster their Bitcoin holdings, while platforms like Reddit explore adding cryptocurrencies to their balance sheets.
This wave of new demand collides with ...