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The cryptocurrency market is heating up. Many charts are going verticle as Bitcoin’s price topped $57K for the first time in years.
As CryptoPotato reported, Bitcoin has been sidelined for a while, but the cryptocurrency exploded by more than 9% in the past 24 hours alone, bringing most of the market with it.
This has called for many analysts to speculate on whether or not BTC will break its all-time high of around $69,000 before the upcoming halving in April.
At this rate, it’s highly likely Bitcoin breaks $69,000 before April halving.
People have no idea what’s happening or what’s coming. Prepare mentally for 10k candles a day. pic.twitter.com/vIHFSeukDe
— Duo Nine ⚡ YCC (@DU09BTC) February 26, 2024
The fact of the matter is that BTC is just 23% away from its all-time high, and with the ongoing bullish momentum, breaking its ATH before April does seem increasingly more likely.
Bitcoin ETF Inflows a Factor to Consider
The approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission has undoubtedly played a firm role in the recent rally and beyond.
Interest in the BTC ETFs has been considerable, with the cumulative trading volume surpassing $50 billion a little more than a month after launch. In the past 24 hours, the trading volume across all of the ETFs skyrocketed above $3.24 billion.
If the positive trend keeps up, Bitcoin might have an easier time surpassing its all-time high before the halving, especially as anticipation starts growing as well.
Additional Considerations
We decided to also ask ChatGPT about whether or not BTC will break its ATH before April, provided that the bullish momentum persists.
Although hesitant, the AI reaffirmed that the halving has historically increased interest in Bitcoin:
Historically, this event has led to increased interest and speculation in Bitcoin, potentially driving up its price due to the reduced pace at which new bitcoins are generated, making it scarcer.
ChatGPT outlined a few very important factors to watch that may provide any indication of whether BTC will have a shot at it. These include:
- Supply and demand dynamics
- Technical analysis trends
- Market sentiment and investor behavior
In terms of supply and demand, it’s currently clear that the latter outweighs the former. This is why the price is going up. The market sentiment and investor behavior are also clearly positive at the time of this writing.
In our most recent Bitcoin price analysis, we observed that the long-term holder SOPR demonstrates that long-term holders remain patient and show no serious intention to sell just yet.
It’s important to remember that volatility in bull markets is outstanding, and moves with a magnitude of 20% are not off the table. This was further highlighted by the seasoned crypto analyst Duo Nine, who shared:
Bitcoin is 20% away from ATH.
In a bull market, that can happen in one day!
I expect volatility once BTC hits $69K. Some will take profits, but any dips won’t last.
Billions of dollars are queuing to buy BTC.
This article first appeared at CryptoPotato
