Bitcoin is within striking distance of its highest price ever, after the world’s largest cryptocurrency broke $65,000 for the first time since 2021 on Monday, putting bitcoin on the cusp of putting the cherry on top of its dramatic comeback.

Bitcoin is now around 2% shy of its record high of nearly $69,000 achieved during the brief 2021 spike, a seemingly achievable rally considering the ever-volatile bitcoin has risen by more than 50% over just the last month.

The cryptocurrency hit an all-time high against the euro on Monday and is nearing a record in U.S. dollar terms.

The cryptocurrency hit an all-time high against the euro on Monday and is nearing a record in U.S. dollar terms.

Bitcoin (BTC) will reach an all-time high before the week ends, according to Markus Thielen, head of research at 10x.

Among other bullish signs, Thielen noted a sizable decline of 63,000 bitcoins held on exchanges over the past 30 days.

Among other bullish signs, Thielen noted a sizable decline of 63,000 bitcoins held on exchanges over the past 30 days.

"If Grayscale’s flows drop to less than [a] $100m outflow, bitcoin will make a big move up," said Thielen.

"If Grayscale’s flows drop to less than [a] $100m outflow, bitcoin will make a big move up," said Thielen.