Bitcoin’s price soared on Tuesday morning, reaching a two-week high above $64,000 (£48,906), marking a significant uptrend in the cryptocurrency’s value.

Bitcoin Hits $64,000 Mark

At 8:50 am in London on Tuesday, Bitcoin surged 8.2% to $64,001.77, hitting a two-week high against the dollar. This increase in value also propelled Bitcoin’s market capitalization back above $1 trillion.

Recovery from Recent Pullback

The rally in Bitcoin’s price comes as the cryptocurrency recovers from a recent pullback. In late February, Bitcoin achieved a new all-time high above $58,000 before experiencing a drop to below $44,000. However, since the beginning of the month, Bitcoin’s price has been rebounding steadily.

According to Naeem Aslam, chief market analyst at Avatrade, Bitcoin has overcome most of its obstacles and is now out of the “trouble zone.” Aslam predicts that the next target for Bitcoin’s price is the all-time high, with potential further gains towards $70,000.

Institutional Adoption Boosts Bitcoin’s Rally

Bitcoin has experienced a remarkable rally of over 350% since last October, largely driven by increased institutional investor adoption. Companies like Square and Tesla have made significant investments in Bitcoin, with Square investing over $200 million in the cryptocurrency and Tesla disclosing a $1.5 billion investment.

Mainstream financial institutions are also entering the cryptocurrency market, with UK asset manager Ruffer allocating 3% of its assets to Bitcoin and Goldman Sachs restarting its trading desk for the digital asset.

Bitcoin’s Tipping Point

Citi recently suggested that Bitcoin could be at a “tipping point,” indicating growing acceptance and adoption of the cryptocurrency. However, the bank’s research note has faced criticism over its sourcing and the accuracy of its data.

As Bitcoin continues to gain traction among institutional investors and mainstream financial institutions, its value and significance in the global financial landscape are likely to continue increasing.