The price of Bitcoin has stabilized right around $68,000 U.S. after falling 7% in recent days.
The decline came after Bitcoin’s price hit a new all-time high of just below $74,000 U.S. Over the weekend, the largest cryptocurrency’s price dropped below $65,000 U.S. before recovering.
Bitcoin trades around the clock, seven days a week.
Despite the price retreat, analysts say the bull case for Bitcoin remains intact with billions of dollars continuing to flow into new spot exchange-traded funds (ETFs) and an upcoming halving event scheduled for April when new issuance of Bitcoin will be cut by 50%.
Many analysts are forecasting that Bitcoin’s price will reach as high as $150,000 U.S. by the end of this year.
Beyond Bitcoin, Ethereum’s price has pulled back to $3,500 U.S. from more than $4,000 U.S. and smaller digital tokens are currently trading flat.
The price of Bitcoin is up 54% year to date.
