Bitcoin (BTC), the largest cryptocurrency in the industry, touched a two-year high of $64,000 in the early hours of February 28, 2024. The rally, which started on Wednesday, February 28, initially whipped the token price to $64,000 and later in the day retraced to $60,000.
Many in the industry were very pleased with this recent price increase, which indicates increased interest and massive whale activity as the next halving draws near.
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According to Sentiment, a platform that measures the sentiment of individuals on crypto assets, Bitcoin’s OI (open interest) level surged to $10.2 billion from $9.55 billion. This level was last seen in July 2022. In addition, several traders are bullish on BTC, betting on its price to increase further.
Also, the indicators show that BTC whale transactions, ranging from $100,000, increased from 9,067 to 13,142 in 24 hours. Among the whales pushing the rally with increased transactions is Microstrategy, owned by Micheal Saylor. As Bitcoin price continues to fly across the roof, they purchased $155 million worth of Bitcoin, which is about 3000 BTC tokens.
Sentiment also adds that the number of long-positioned trades on Bitcoin has moderately increased.
BTC Current Price Movement and Prediction
Bitcoin continues to hover around the $61,000 to $64,000 mark, but it is worth $62,500 at press time. This represents over 10% increase in the past 24 hours, according to asset tracking platform coinmarketcap. Bitcoin’s market cap has also surged past the $1.1 trillion mark, with a market dominance of 51.9%.
While the tremendous price increase is impressive, BTC is still behind its all-time high of over $69,000, which it achieved in November 2021 by over 8%. Therefore, the whales must push the rally further and fight against volatility, which could gradually bring its price down the terrain.
However, some crypto analysts and experts like Peter Brandt have speculated that BTC’s price could skyrocket to $200,000 by 2025 following the recent price increase. The veteran trader made this hypothesis known on his X page in the early hours of February 27.
Nevertheless, it is essential to understand that cryptocurrencies are volatile assets; therefore, it is impossible to know their price in the coming months or years. So always do your research before investing in any assets.
Bitcoin ETF and Current Price Rally
BTC spot ETFs (exchange-traded funds), which allowed Bitcoin to be traded like stocks on the open market, were approved by the US SEC on January 11, 2024. Several enthusiasts in the industry believed that ETFs would be the next big thing to happen to the industry; however, things went sideways.
After the approval, BTC started to drop in price, and altcoins like Ethereum and Solana benefited more from the news. Therefore, it’s important to note that US-based ETFs like GBTC also recorded increased activity with the current BTC rally. According to the US-based news platform Bloomberg, grayscale reached a high of $2.4 billion as trading volume on February 26, 2024.
