Bitcoin Price is currently trading close to the $52,000 mark, recording weekly gains of around 10% and monthly gains of over 20%, as of February 17, 2024. The pre-halving Bitcoin price rally is going well so far and the Bitcoin price trend is on the verge of falling again as part of the next phase of Bitcoin halving.
While the entire crypto investors community is awaiting the upcoming Bitcoin halving event and the following price surge, Bitcoin price has already started soaring. Let us learn more about the current upward trend of Bitcoin price and what could happen next in the present blog post.
Pre-Halving Bitcoin Price Rally: Bitcoin Price to Cross the $52,000 Mark
For the entire month of January, the Bitcoin price traded in the range of $40,000 to $47,000 and couldn’t rise past that range. Meanwhile, investors were optimistic that the price of Bitcoin will anyway increase after the upcoming Bitcoin halving event in April this year.
However, the Bitcoin price surprised crypto enthusiasts earlier this week by surpassing the $50,000 mark. This is a huge milestone for the entire crypto market since BTC reached $50,000 in December 2021. As a result, speculations regarding the pre-halving Bitcoin rally sprung up in the crypto community.
There are 5 phases of Bitcoin halving – Pre-halving Downside, Pre-halving Rally, Pre-halving retrace, Re-accumulation, and Parabolic Uptrend. The ongoing price surge of Bitcoin can be attributed to the second phase of Bitcoin halving i.e., pre-halving rally. It usually starts 60 days before the main Bitcoin halving event and that is exactly where we are currently in.
Additionally, the approval of spot Bitcoin ETFs and their large inflows are also driving the price rally of Bitcoin. As per SoSoValue analytics platform, Bitcoin ETFs witnessed a cumulative total net inflow of around $4.84 billion, as of February 16, 2024. Further increase in Bitcoin ETF investment can also boost the Bitcoin price in the near future.
Bitcoin Market Capitalization Touched the $1 Trillion Mark
Amidst the price rally of Bitcoin, its market capitalization surpassed the $1 trillion mark on February 14, 2024. In just a few hours, Bitcoin crossed the market capitalization of giant stocks like Walmart, Tesla, Berkshire Hathaway, and others.
After going as high as $52,800 on Feb 15, 2024, it has currently fallen back to $51,000 range. However, the market capitalization of Bitcoin is still maintaining its position above $1 trillion dollars. While the current Bitcoin price is $51,933, its market capitalization is $1,019,447,519,819, as of Feb 17, 2024.
What’s Next for Bitcoin Price?
Bitcoin is currently down by 0.59% in the last 24 hours, which resulted in its price drop to $51,900 from over $52,700 around a couple of days back. While this is a very slight change, the trading volume reduced significantly by 24% since yesterday. This could bring a further drop in Bitcoin price in the coming days.
If we consider the Bitcoin halving phase theory, the next phase is the Pre-halving retrace phase. It is expected to start 2 or 3 weeks before the actual halving event. Since the Bitcoin halving event is expected to take place in the second week of April, this phase could start by the end of March this year. Till then, we can expect to see another price surge. It is no surprise if Bitcoin crosses the $55,000 mark this month as the Bitcoin ETF inflows continue to increase.
