Bitcoin, the number one cryptocurrency by market capitalization, is within a sustained uptrend as we approach the 2024 halving event. A rise in inflows in Bitcoin ETFs and an increase in demand for the coin are the major factors driving the BTC price up.
This sustained rise in demand for bitcoin may lead to another new all-time high before the next bitcoin halving, tipped to occur between 19 and 21 April this year. The bitcoin price performance has been tremendous since the start of 2024 and is set to continue beyond 2025.
In this article, we will discuss how bitcoin performed in February and the impending crypto bull run. We will also analyze bitcoin’s major peaks and downs since 2009. Finally, we shall present a few bitcoin price predictions for the current year.
Recent Bitcoin Price Surges
As mentioned above, the price of bitcoin has been trending for the greater part of 2024. However, the leading cryptocurrency performed outstandingly in February and it seems the same trend is persisting in March.
For example, in a 24 hour period that stretched from 28 to 29 February the bitcoin price surged by about 6% from $59,831 to $63,585. As a result, during the same period its market capitalization rose by 1.5% to approximately $2.38 trillion. Also, within the same 24 hour period its trading volume increased by 65.6% to reach $34.75 billion.
The main driver of bitcoin’s uptick is the rising adoption of spot BTC ETFs as well as the approaching halving event. During the first week of March the price of bitcoin looked set to surpass the $67,150 resistance level. If its price had closed above that resistance zone it might have surpassed its previous all-time, attained in November 2021.
It is also important to note that during that period bitcoin had a market dominance of 52.36% although the entire crypto market was performing well leading to a total crypto trading volume of over $110.12B.
February Bitcoin Price Surge
Bitcoin’s price movement in February is worth mentioning and analyzing. This is because during that month bitcoin gained by over 44%, overcoming the $50,000 and $60,000 resistance levels and even reached $64,000 for a short period.
Due to the sell-the news that started before the launch of spot bitcoin ETFs the BTC price spiked from $40,000 to the current level. Bitcoin overcame several resistance levels including the $52,000; $52,985 and $56,000 marks.
Then, in its upward price trajectory bitcoin faced strong resistance at the $64,000 and $69,000 points. Despite its recent strides several analysts believe that bitcoin will have stronger price thrusts in the near future than before.
For this reason, Alex Thorn, the head of research at Galaxy, said, “We haven’t even begun to reach the heights this is likely to go.” His conviction is based on the fact that the spot bitcoin ETFs recently launched in the United States are a real game-changer and will push the demand for bitcoin even higher.
Swissblock, a crypto analytics firm shares the same sentiment. As per a recent CoinDesk publication, Swissblock said, “Just the start of what is to come. Sustained buying pressure and strong bullish signals from both oscillators and moving averages suggest that BTC is poised for continued upward momentum.”
Forth Coming Bull Market Overview
There is no doubt that the crypto market is anticipating a strong crypto bull run that may start this year. The recent BTC price surge that pushed its value over $63,000 has consolidated the market’s bull run expectation.
Bitcoin’s rally past $63,000 could be an indication of a greater price thrust to come since we are approaching the next halving event. Commenting on X, Peter Brandt, a veteran trader said that bitcoin’s surge above the 15-month channel boundary shows that it is targeting a high value level such as $200,000 for the on-coming bull market.
The above graph is an illustration of bitcoin’s expected rally. On a similar note, Bitwise Asset Management CEO believes that bitcoin’s ride in the oncoming bull market may take us to $250,000 within a very short period.
Factors behind the Oncoming Crypto Bull Market
There are several reasons why many crypto investors are being drawn to bitcoin. Let’s briefly discuss some of these factors that include the funds inflow into spot BTC ETFs, the approaching halving event and institutional adoption.
Spot bitcoin ETFs and Institutional Adoption: The approval and launch of spot BTC ETFs in the United States have attracted much investment in the bitcoin market. The BTC ETF operators like Grayscale, Fidelity, and BlackRock have attracted much inflows into the ETFs since mid-January. Recently, BlackRock acquired over 122,000 within six weeks to support its ETFs.
BTC which the ETF issuers hold…
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