Bitcoin is one of the most popular digital assets that is currently trading above the $48,000 mark, hitting a new monthly peak. Bitcoin is a dominant cryptocurrency that is drawing substantial bullish sentiment and appears poised for a bullish ally this weekend.
The BTC Coin has doubled investors’ portfolios with a remarkable 117% surge over the past year. This leading digital asset has delivered exceptional performance and continues to assert its influence in the global financial markets.
Bitcoin (BTC) made a remarkable surge in the charts today. In this blog post, we’ll delve into the major factors that have propelled the BTC Coin’s price and caused it to trade in the green after almost a week of fluctuations.
Also Read: Surge in Outflows Witnessed by Grayscale’s Spot Bitcoin ETF GBTC
Bitcoin (BTC): Reason Behind BTC’s Rise Today
This week, the selling pressure from Bitcoin ETF investors eased as the BTC Coin prices saw a significant increase on the charts. This development is a positive indication of the strong demand for Bitcoin ETFs, as the selling pressure decreased in response to the sustainable rise in its price.
Bitcoin Exchange-Traded Fund (ETF) holders and miners are strategically taking long positions, which involves betting on the price of BTC to increase over time. This collective action is currently propelling the prices of Bitcoin upwards.
If the positive momentum continues, Bitcoin has the potential to surge even higher, possibly reaching $50,000 during the upcoming weekend. It has experienced a remarkable growth of nearly 15% in just two weeks, reflecting the prevailing optimistic sentiments in the market.
Also Read: Bitcoin ETF Records $405 Million Inflow as BTC Price Surges to $48K
Interestingly, the BTC Coin’s ascent coincides with the S&P 500 Index achieving a historic milestone (ATH) of 5,000 points, while the Nasdaq Index soared to an all-time high of 15,800 on Thursday.
Bitcoin has a significant influence on the crypto market, pulling other cryptocurrencies to rise in tandem. Notably, altcoins like Ethereum’s ETH, Ripple’s XRP, Cardano’s ADA, and Binance’s BNB are all experiencing positive growth today.
With these indicators, we think that the cryptocurrency market could exhibit strong performance during the weekend, presenting potential opportunities for short-term investors to generate substantial profits in the next two days.
How High Will Bitcoin Go in February 2024?
As per CoinMarketCap, Bitcoin is trading around $47,411.12 showing a 3.30% increase in the last 24 hours. Its trading volume saw a significant rise of almost 37% to $36.65 billion during the same period. Additionally, Bitcoin dominates 51.93% of the crypto market with a $929 billion market cap.
According to our expert’s technical and price analysis, the BTC Coin can reach a maximum price of $53,724 with an average price of $51,361 by the end of this month. We are expecting a minimum price level can fall to $43,834 if the crypto market faces any bearish environment or any negative news surrounding Bitcoin or the crypto market.
Also Read: Bitcoin (BTC) Price Prediction
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
