As the leading cryptocurrency Bitcoin continues its unstoppable rally, levels of $58,000 and $59,000, not seen since December 2021, were surpassed.
As investors' expectations for the BTC price increase, some analysts say that market enthusiasm, institutional buying demand, and historical data on Bitcoin's (BTC) halving event have put Bitcoin on track to surpass its previous ATH of $69,000 in March.
According to historical cycle data at this point, Bitcoin price has increased by several hundred percent in the months following previous halving events.
Speaking to Coindesk, Hectic Labs CEO Bryan Legend said the following about his Bitcoin expectation:
“Expectation always leads to increased purchasing activity, or 'FOMO'.
Investors expect a decrease in BTC supply with the halving, which will push prices up and a rally before the halving.
Investors also expect a new ATH in the BTC price with this rally.
“Also, the rally leading up to the actual halving event is a great time to make short-term gains.”
Apart from Bryan Legend, Bitget Research's chief analyst Ryan Lee also evaluated Bitcoin.
Stating that at this point, some investors expect Bitcoin to rise up to its previous ATH of $69,000 in March, Ryan Lee said that apart from this expectation, increasing institutional demand for BTC and strong inflows to spot Bitcoin ETFs will increase the BTC price.
“With 54 days until the Bitcoin halving and the expectation of a mid-year interest rate cut by the Fed, BTC prices have a support level at $50,000 and could reach historic highs in March.
Trading volume for nine Bitcoin ETFs in the US also reached a new high of $3.2 billion last week, indicating that institutions have a strong bullish sentiment.
“Aside from the Bitcoin halving, strong demand for spot ETFs is acting as a catalyst for prices.”
*This is not investment advice.