Bitcoin’s price reached $64,000 when traders predicted it would hit a new all-time high before halving
Bitcoin price rises more than 10% to new 2024 February 28 at $64,000 This month's 50% price move is due to most investors anticipating the upcoming supply halving event, which is typically followed by a strong reversal. Price action.
A steady flow of Bitcoin (BTC) exchange-traded funds (ETFs) into the recently launched space is also thought to play a significant role in Bitcoin's price action.
JEEZ: It's only halfway through the trading day and nine new Bitcoin ETFs have already broken their daily volume record of $2.6b. We've got 4 btc ETFs in the top 20. $IBIT is #4 overall, trading higher today than the first two weeks combined. This is officially insane. pic.twitter.com/Wqez1rKrCg
— Eric Balchunas (@EricBalchunas) February 28, 2024
Some technical analysts have warned that Bitcoin's market structure and the high level of funding in the market is a sign of heavy usage and an eventual liquidity-driven correction.
I have read many 200k predictions. As a reminder here, we understand that we are now close to a resistance zone between 65K-68K.
3 years ago I drew attention to that protest. Again I draw your attention to the horizontal resistance. pic.twitter.com/9VzwViYzMh
— Axel Kibar, CMT (@TechCharts) February 28, 2024
Meanwhile, options analysts are ignoring calls that the price move is overextended, expressing their opinion that the current Bitcoin price rally has legs.
Citing data on major Bitcoin options markets, open interest and funding levels, analyst Chris Newhouse said:
“In my view, the recent rally has features of a derivative-led move. Breaking the $53K range showed relative strength, volume was high, natural demand is there, and fast traders are starting to pile into the trade.”
RELATED: Bitcoin Breaks $60K for First Time in Over 2 Years
Independent market analyst Nunia Business added to the bullish Bitcoin price outlook by noting that Bitcoin's Relative Strength Index (RSI) is above 70 and that BTC price has remained in highs for at least 335 days after being pushed off the RSI in previous market cycles. Until 70.
BTC Monthly:
RSI at +70
Chart made at the request of @Travis_Kling.
70 over cross to peak # days of cycle.
The average is around one year.
Many expect a peak in Q4 2025, with a breach in early Q1 2025.
A “Left Translated” Cycle With ETF Help?
❓ pic.twitter.com/X7xpVYpD7v
— Nunia Business (@Pladizow) February 27, 2024
Was the maximum $64,000?
Shortly after reaching $64,000, Bitcoin's price plummeted to $58,700, likely the result of a wall of selling at this level and a long period cleared of late use. However, at the time of going to press, BTC has recovered nearly 5% from its lows.
Bitcoin is currently less than 13 percent off its all-time high, and many retail and institutional investors expect a record level of $68,900 before the supply halving, which is scheduled to happen in 52 days.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
