March 27, 2024
Analysts Predict New Highs Pre-Halving Amidst ETF Demand
Bitcoin Halving

Analysts Predict New Highs Pre-Halving Amidst ETF Demand

The price of Bitcoin (BTC) surged beyond the $51,000 mark on Wednesday morning, recovering all previous losses as it closely followed the movements of stock markets on Tuesday.

This surge has propelled the original cryptocurrency to a market capitalization of $1 trillion, a milestone not seen since December 2021.

According to data from CoinGecko, Bitcoin was trading around $51,500 early morning on February 14th. The BTC/USD pair experienced a more than 2% increase across major cryptocurrency exchanges, with prices on Coinbase reaching an intraday high of $51,708 at the time of writing.

With Bitcoin bulls aiming for further gains, speculation arises: could Bitcoin be gearing up for a push towards a new all-time high before the halving event? With fresh signs of upward momentum, some analysts predict that the cryptocurrency could surge to greater heights in the coming weeks.

The upcoming BTC halving and the significant demand observed within the spot Bitcoin ETF market serve as pivotal catalysts. The latter saw nearly $631 million in inflows on Tuesday alone.

Data indicates that BTC spot ETFs have witnessed net inflows for thirteen consecutive trading days, accumulating a total of $3.89 billion in net inflows as of February 13th.

Bitcoin’s halving is scheduled for April of this year.

Image by 3D Animation Production Company from Pixabay

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