BTC Surges over 19%! : Bitcoin Price Analysis
Bitcoin(BTC) is a digital currency that operates on a decentralized network and uses blockchain technology to keep track of transactions. It was introduced by Satoshi Nakamoto, and the first block was mined in January 2009. Transactions made with Bitcoin are recorded on a distributed ledger called the blockchain, which can be accessed by anyone to verify the transactions.
Miners play a crucial role in verifying these transactions and are rewarded with Bitcoin and transaction fees. The total supply of Bitcoin is limited to 21 million coins, and it can be divided into smaller units. To use Bitcoin, you need a wallet that consists of a public key for sending and receiving payments, as well as a private key for wallet control. Bitcoin can be used for various purposes, such as everyday transactions, storing value, or even as an investment.
In February 2024, Bitcoin’s price remained stagnant, causing uncertainty among traders. But things took a turn when Spot Bitcoin ETFs saw a rise in demand, pushing the price above $48000 for the first time since its launch. This positive movement also had a ripple effect on other cryptocurrencies, leading to a renewed recovery. Now the question is, will buyers have enough momentum to break the $50000 barrier?
BTC Price today
Bitcoin (BTC) is currently priced at $51,566.43, and its trading volume in the last 24 hours reached $45,663,386,008.57. This indicates a 3.40% surge in price over the past day and a 19.82% increase over the past week. With a circulating supply of 20 Million BTC, Bitcoin’s market cap stands at an impressive $1,012,125,782,127.
Technicals
The price is trying to break the resistance trendline of the rising wedge and horizontal resistance ray. If it breaks the resistance level. It can go further upward. On the other hand, A rejection is also expected from this level for the completion of the consolidation of the wedge.
The price is in an uptrend and has broken above the $45K level, indicating a resumption of the uptrend. It has also broken above its near-term objective of $50,000. The next resistance is $56,000, but it is becoming overbought with an RSI of 80 or higher and could be in danger of a pullback.
As we wait for this pullback, it may retest the $50,000 breakout level, and this could be a good entry point for a swing trade to $56,000 the next time the price rises by +12%. The approvals of the 10 Bitcoin spot ETFs may be working in BTC’s favor.
The nearest support zone is $45,000, and the nearest resistance zone is $50,000, which it has broken, followed by $40,000 and then $56,000. For more information on which altcoins could benefit from the rise of BTC and ETH, please refer to the research report. The trend is bullish across all horizons.
News
Additionally, major investors in the Bitcoin market have substantially increased their holdings by acquiring 140,000 BTC, which is valued at $6.16 billion, in the past three weeks. This notable trend, pointed out by crypto analyst @alichart, indicates a prevailing optimistic outlook among these influential players.
Skybridge founder Anthony Scaramucci believes it’s still a good time to invest in Bitcoin despite its recent 19% surge. This comes alongside the current price hike.
Price Prediction
According to crypto experts, the average BTC rate in February 2024 is projected to be around $47,295.50, based on the price fluctuations of Bitcoin at the start of 2024. The minimum price is expected to be approximately $42,331, while the maximum price could reach up to $52,260. This indicates a potential ROI of 1.3%.
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Endnote
In February 2024, Bitcoin faced a period of price stagnation, causing uncertainty. However, a surge in demand for Spot Bitcoin ETFs led to a positive movement, pushing the price above $48,000. Currently priced at $51,566.43, Bitcoin’s market cap stands at $1,012,125,782,127, with a 3.40% surge in the past day and a 19.82% increase over the week.
Technical analysis suggests an uptrend, breaking key levels, with the next resistance at $56,000. However, caution is advised due to potentially overbought conditions. News highlights major investors acquiring 140,000 BTC, indicating optimism.
Skybridge founder Anthony Scaramucci remains positive, stating it’s not too late to invest. Predictions suggest an average February 2024 rate of $47,295.50, with a potential ROI of 1.3%. The overall trend appears bullish, but cautious monitoring is recommended, especially around the $50,000 level.
