- Bitcoin experienced a notable rally in recent weeks, reaching levels not seen in over two years.
- BTC surpassed the key psychological mark of $48,000, leading to claims that it entered a “Boom” phase, with projections of reaching $130,000 according to some analysts.
- With the approval of exchange-traded funds (ETFs) and the upcoming halving, increased attractiveness for BTC is expected among institutional and retail investors.
The price of Bitcoin experienced a notable rally in recent weeks, reaching levels not seen in over two years. This phenomenon generated great optimism in the crypto community and led some analysts to project an even more bullish future for the leading cryptocurrency in the market.
In particular, Bitcoin surpassed the key psychological mark of $48,000, leading many to claim that it entered a “Boom” phase. This means that the digital asset left behind the preparation phase and began a period of explosive growth that could lead it to reach new all-time highs. Some experts, such as the pseudonymous analyst Trader Tardigrade, even suggest that BTC could reach $130,000 and more over the course of this year.
— Trader Tardigrade (@TATrader_Alan) February 12, 2024
This optimism is supported by several factors. On one hand, Bitcoin closed its highest weekly candle in over two years, indicating bullish momentum in the market. Additionally, BTC’s support levels are considered solid, meaning that the cryptocurrency is likely to overcome any resistance on its way to new highs.
Are We on the Verge of Another Historic Bitcoin Boom?
Although some may be skeptical about Bitcoin’s future, especially given its volatility history, there are clear indications that the market is in a strong position. For example, Bitwise Invest CEO Hunter Horsley noted that 2024 could be revealing for Bitcoin’s real valuation in capital markets. With the approval of ETFs and the upcoming halving, BTC is expected to become even more attractive to both institutional and retail investors alike. We may be witnessing the first steps towards greater adoption and acceptance of cryptocurrencies in the global economy.
At the time of writing this article, BTC is trading at $47,909, down 1%. On the morning of February 11, it reached $48,800 before retracing to its current value. Its market capitalization is $940 billion. On the other hand, its volume grew by 8.5% in the last 24 hours and exceeded $20 billion.