Rally

Bitcoin ETF

Bitcoin

<p>Bitcoin Price is currently trading close to the $52,000 mark, recording weekly gains of around 10% and monthly gains of over 20%, as of February 17, 2024. The pre-halving Bitcoin price rally is going well so far and the Bitcoin price trend is on the verge of falling again as part of the next phase of Bitcoin halving.</p>
<p>While the entire crypto investors community is awaiting the upcoming Bitcoin halving event and the following price surge, Bitcoin price has already started soaring. Let us learn more about the current upward trend of Bitcoin price and what could happen next in the present blog post.</p>
<h2 id="pre-halving-bitcoin-price-rally-bitcoin-price-to-cross-the-52-000-mark">Pre-Halving Bitcoin Price Rally: Bitcoin Price to Cross the $52,000 Mark</h2>
<p><img decoding="async" class="aligncenter size-full wp-image-180873" src="https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap.jpeg" alt="Bitcoin Price Chart" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/02/BTC_1M_graph_coinmarketcap-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px"></p>
<p>For the entire month of January, the Bitcoin price traded in the range of $40,000 to $47,000 and couldn’t rise past that range. Meanwhile, investors were optimistic that the price of Bitcoin will anyway increase after the upcoming Bitcoin halving event in April this year.</p>
<p>However, the Bitcoin price surprised crypto enthusiasts earlier this week by surpassing the $50,000 mark. This is a huge milestone for the entire crypto market since BTC reached $50,000 in December 2021. As a result, speculations regarding the pre-halving Bitcoin rally sprung up in the crypto community.</p>
<p>There are 5 <a href="https://coingape.com/blog/phases-of-bitcoin-halving/" rel="noopener noreferrer nofollow">phases of Bitcoin halving</a> – Pre-halving Downside, Pre-halving Rally, Pre-halving retrace, Re-accumulation, and Parabolic Uptrend. The ongoing price surge of Bitcoin can be attributed to the second phase of Bitcoin halving i.e., pre-halving rally. It usually starts 60 days before the main Bitcoin halving event and that is exactly where we are currently in.</p>
<figure id="attachment_180872" aria-describedby="caption-attachment-180872" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-180872 size-full" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows.png" alt="Bitcoin ETF Cumulative Inflows by SoSoValue" width="1561" height="576" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows.png 1561w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows-300x111.png 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows-1224x452.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows-768x283.png 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows-1536x567.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-Cumulative-Inflows-150x55.png 150w" sizes="(max-width: 1561px) 100vw, 1561px">
 <figcaption id="caption-attachment-180872" class="wp-caption-text">
  Cumulative Total Net Inflow of Bitcoin Spot ETFs by SoSoValue
 </figcaption>
</figure>
<p>Additionally, the approval of spot Bitcoin ETFs and their large inflows are also driving the price rally of Bitcoin. As per SoSoValue analytics platform, Bitcoin ETFs witnessed a <a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/assets/etf">cumulative total net inflow</a> of around $4.84 billion, as of February 16, 2024. Further increase in Bitcoin ETF investment can also boost the Bitcoin price in the near future.</p>
<h2 id="bitcoin-market-capitalization-touched-the-1-trillion-mark">Bitcoin Market Capitalization Touched the $1 Trillion Mark</h2>
<p>Amidst the price rally of Bitcoin, its <a href="https://coingape.com/bitcoin-surpasses-tesla-with-1-tln-market-cap-but-theres-a-catch/" rel="noopener noreferrer nofollow">market capitalization surpassed the $1 trillion</a> mark on February 14, 2024. In just a few hours, Bitcoin crossed the market capitalization of giant stocks like Walmart, Tesla, Berkshire Hathaway, and others.</p>
<p>After going as high as $52,800 on Feb 15, 2024, it has currently fallen back to $51,000 range. However, the market capitalization of Bitcoin is still maintaining its position above $1 trillion dollars. While the current <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> is $51,933, its market capitalization is $1,019,447,519,819, as of Feb 17, 2024.</p>
<h2 id="what-s-next-for-bitcoin-price">What’s Next for Bitcoin Price?</h2>
<p>Bitcoin is currently down by 0.59% in the last 24 hours, which resulted in its price drop to $51,900 from over $52,700 around a couple of days back. While this is a very slight change, the trading volume reduced significantly by 24% since yesterday. This could bring a further drop in Bitcoin price in the coming days.</p>
<p>If we consider the Bitcoin halving phase theory, the next phase is the Pre-halving retrace phase. It is expected to start 2 or 3 weeks before the actual halving event. Since the Bitcoin halving event is expected to take place in the second week of April, this phase could start by the end of March this year. Till then, we can expect to see another price surge. It is no surprise if <a href="https://coingape.com/markets/bitcoin-price-pre-halving-rally-can-spot-etfs-drive-btc-to-55k-this-week/" rel="noopener noreferrer nofollow">Bitcoin crosses the $55,000 mark</a> this month as the Bitcoin ETF inflows continue to increase.</p>
<p>The post <a href="https://coingape.com/blog/pre-halving-bitcoin-price-rally/" rel="noopener noreferrer nofollow">Pre-Halving Bitcoin Price Rally Began, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Pre-Halving Bitcoin Price Rally Began, What’s Next?

Table of Contents

Coingape News Media

Other articles published on Feb 17, 2024

A guide to wealth management in Singapore

Here Is Why the LPT Price Is Surging Today, & Skyrocket By 57%

Coinbase Shines with Impressive Q4 Financial Outcomes

Cardano (ADA) holders add DeeStream (DST) streaming sensation to portfolio as Solana (SOL) rises

Bitcoin Miner Sell-Off Looms as Market Dynamics Shift

Captain Faibik bullish on Dogecoin, Shiba Inu and KangaMoon

Join our free newsletter for daily crypto updates!