The value of bitcoin has now surged by nearly eight percent in the past five days and over 47 percent in the past month. (Related: U.K. court might uncover REAL IDENTITY of mysterious Bitcoin founder Satoshi Nakamoto.)
The current price of $73,515 has overtaken its previous high of nearly $69,000, achieved in November 2021. The massive rally has had a knock-on effect on the entire cryptocurrency industry. The annualized three-month futures premiums on major exchanges, including Binance, have risen above 25 percent. The elevated premium is expected to attract more cash and carry traders, boosting overall market liquidity. Even other notable cryptocurrency assets have surged, with the price of ether crossing the $4,000 mark on Monday and hovering around $4,050 currently,
"It's a confluence of factors," said the founders of the London Crypto Club in their latest newsletter discussing why bitcoin is suddenly surging. "Asia is buying an illiquid market coupled with continued positive news, with the London Stock Exchange just announcing it will take applications for BTC and ETH ETNs [exchange-traded notes]. The powerful demand-supply dynamic from BTC ETFs [exchange-traded funds] continues unabated."
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"Meanwhile, the macro, which had been a headwind, has now become a tailwind as United States rates and the dollar appear to have topped out and are turning lower," the newsletter continued. "Additionally, as we approach key resistance levels, short-term speculative traders trying to call a top, short into these key levels and then get liquidated, causing a pseudo negative gamma effect which propels us higher."
Price of bitcoin could breach $100,000 mark soon
Analysts expect the crypto market to remain bullish. "There is too much bullish momentum in crypto," said Aurelie Barthere, an analyst for crypto research firm Nansen, in a research note. "We do not expect a significant sell-off for crypto as this repricing has happened in the past few months without questioning the bull market."
The expected bitcoin "halving" event – in which the amount of new bitcoin being generated is reduced – is also expected to support the currency by causing a reduction in the supply. This drop in supply is predicted to squeeze prices even higher.
Some other analysts are a bit skeptical, suggesting that there are growing signs bitcoin could see a pre-halving correction before the halving event in April. Such an event would align with historical trends, such as the 20 percent pre-halving correction observed in 2020 and the 38 percent retracement preceding the 2016 halving.
Analysts expect the correction period could last nearly 80 days. However, if the correction does not happen and bitcoin continues to follow a growth trajectory similar to the past two cycles, the price of bitcoin could breach the $100,000 mark and could go as high as $300,000.
Watch this clip from Fox Business discussing the upcoming bitcoin "halving" event and how it will drive demand for the crypto asset through the roof.
This video is from the NewsClips channel on Brighteon.com.
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