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MTrading Team • 2024-02-16

BTC Can Reach Its New All-Time-High

BTC Can Reach Its New All-Time-High

Bitcoin made a new rally. After pulling back to $42,735 back on February 7, the BTC price climbed to $52,350. The major cryptocurrency reached its highest level since December 2021. Experts say the asset is likely to hit its new all-time high.

The price of Bitcoin (BTC) did not move much in the early going on Thursday, despite the fact that many analysts predicted a sharp decline from $52,000. This decline could still happen as bulls and bears compete to control the market action.

The way the market is moving now is consistent with a pre-halving rally, which has been seen in earlier Bitcoin cycles.

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This rally has the ability to drive prices above past cycle highs and often starts eight weeks before the halving event, according to historical data. Notably, ETF inflows played a major role in Bitcoin's resurgence as a trillion-dollar asset over the course of the last week. Significant factors have included the GBTC's decreasing selling pressure and steady inflows into other ETFs, which, according to recent data, average $300–400 million per day.

It's crucial to remember, though, that compared to other cycles, Bitcoin is already closer to its previous all-time high prior to the pre-halving surge, in part because of the fervor surrounding ETFs," they continued. It's important to realize that while historical patterns can offer insights, they don't always ensure recurrence.

Meanwhile, the altcoin market is strengthening, helping the crypto market reach the $ 2 trillion cap. What’s more, trading volume on the Decentralized Exchange market has also increased significantly, exceeding levels observed in previous cycles. This change points to a more concentrated and discerning investment approach within the altcoin market as a whole.

May the trading luck be with you!