Bitcoin Price Rally Continues
Bitcoin price is currently trading close to $52,000, with weekly gains of 10% and monthly gains of over 20%. The pre-halving Bitcoin price rally is going well, and the trend suggests a potential fall as part of the next phase of Bitcoin halving.
Bitcoin Surpasses $50,000 Mark
In January, Bitcoin traded between $40,000 and $47,000. However, earlier this week, it surpassed the $50,000 mark, surprising crypto enthusiasts. This milestone has led to speculations about the pre-halving Bitcoin rally.
The Pre-Halving Rally Phase
There are five phases of Bitcoin halving, and the ongoing price surge can be attributed to the second phase, known as the pre-halving rally. This phase typically begins 60 days before the main halving event.
Bitcoin ETFs Drive Price Rally
The approval of spot Bitcoin ETFs and their large inflows are also contributing to the price rally. As per SoSoValue analytics platform, Bitcoin ETFs have witnessed a cumulative total net inflow of around $4.84 billion.
Bitcoin’s Market Cap Reaches $1 Trillion
On February 14, 2024, Bitcoin’s market capitalization surpassed $1 trillion. Despite a slight drop in price, Bitcoin’s market cap remains above this milestone.
Potential Price Drop Ahead
In the last 24 hours, Bitcoin’s price has dropped slightly to $51,900 with a decrease in trading volume. This could indicate a further drop in price in the coming days.
The Next Phase: Pre-Halving Retrace
The next phase of Bitcoin halving is the pre-halving retrace, expected to start 2 or 3 weeks before the actual halving event. This phase may lead to another price surge before the halving takes place in April.
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