- Bitcoin’s price has surged over 20% this week to near its all-time high, fueled by anticipation of the upcoming halving event in 52 days.
- Factors driving the rally include SEC approval of Bitcoin spot ETFs and investor belief that the halving could push the price above $200,000.
- Bitcoin remains just 12% away from its historic peak of $69,000, and seems poised to potentially test this level in the coming weeks if momentum continues.
Bitcoin‘s price has surged this week, coming within 12% of its all-time high from November 2021. The leading cryptocurrency continues to rally as investors anticipate the upcoming halving event.
Bitcoin’s Recent Price Action
On Monday, Bitcoin’s price began climbing from around $50,000. By Tuesday, it had reached $56,700. On Wednesday morning, Bitcoin crossed $63,000 for the first time since April 2021. It hit a daily peak of $63,600 before falling back below $60,000. Bitcoin currently trades around $61,200, up over 20% for the week.
Factors Behind the Rally
The price spike can be attributed to the SEC approving Bitcoin spot ETFs and the upcoming halving. The halving, occurring every four years, is now expected in 52 days on April 21. Investors like Anthony Scaramucci believe it could push Bitcoin’s price above $200,000. However, Jamie Dimon cautions against focusing too much on short-term indicators.
Looking Ahead
Bitcoin remains just under 12% away from its all-time high of $69,000. With positive momentum and anticipation building ahead of the halving, Bitcoin seems poised to potentially test its historic peak in the coming weeks. However, prices can change quickly in crypto markets, so nothing is guaranteed.
