In recent days, bitcoin has somewhat restored its image after a heavy correction following its recent all-time high. According to analysts' forecasts, the crypto could repeat the feat, that is to say reach a new historic valuation. They anticipate it before the halving based on certain elements that we present to you in this article.
The factors behind bitcoin’s push to a new all-time high
While bitcoin has regained momentum, three factors lead analysts to say that the asset will reach a new price peak by the halving. The first is record open interest in bitcoin futures.
The latter reached a new high of $37.81 billion. This indicates increased market participation and interest in bitcoin futures. An increase suggesting an increase in commercial activity and investor optimism.
Second, the inflow of spot ETFs could significantly influence the price of bitcoin. As of March 26, spot Bitcoin ETFs totaled $418 million in net inflows, a testament to strong institutional demand.
Last but not least, bitcoin has established itself as the leader of the current bullish cycle. Notably, Grayscale reported that bitcoin is leading the altcoin surge. Without forgetting that factors, the influx of stablecoins and the decrease in bitcoin balances on exchanges contribute to The dynamic positive market.
The current situation of bitcoin on the market
It must be said that bitcoin oscillated around its initial peak of $69,000 while encountering resistance around $71,000. Its price is currently around $70,500 up 0.68% in the last 24 hours.
Based on these trends, we can conclude that crypto shows a certain resilience by posting weekly growth of around 5.33%. An increase which amounts to a rate of 21.96% over the last 30 days
Since the start of the year, bitcoin has risen significantly. With its 157.68% increase, the crypto has, at the very least, exploded. This is evidenced by its trading volume of $41 billion over the last 24 hours, a sign of significant activity on the market.
In this context, optimism prevails among investors as the highly anticipated halving event approaches. Overall, there are many expectations for bitcoin to establish a new price peak before the advent of this historic event which is now measured in days.
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