Bitcoin recently achieved a noteworthy milestone, breaking past the $59,000 barrier on February 28, to a remarkable two-year peak of $59,485. This advance brings it within striking distance of its all-time high (ATH) of $68,789, now only 13% away from surpassing this pinnacle. The significance of this achievement is magnified as Bitcoin concurrently sets new ATH records against a diverse array of global currencies.
The cryptocurrency has outperformed against major fiat currencies, including the Japanese yen, Malaysian ringgit, Indian rupee, Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone, and Turkish lira. This trend underscores the diminishing value of these fiat currencies amidst escalating inflation, highlighting Bitcoin’s growing appeal as a hedge against decreasing purchasing power.
Bitcoin / TetherUS posted an intraday high of $59494.06 and intraday low of $56691.85. BTCUSDT is currently trading at $59096.71 (5:10pm Wednesday, 28 February 2024 (GMT+5) Time in Pakistan).
ON THE CUSP OF PRICE DISCOVERY
Market experts have observed that Bitcoin is now in a phase of price discovery following its break above the critical $57,000 resistance level. With the anticipated halving event only 49 days away, there’s a palpable sense of optimism about Bitcoin’s potential to achieve new heights, drawing on historical patterns witnessed in previous cycles.
HISTORICAL HALVING HIGHLIGHTS
Bitcoin’s price trajectory following past halving events is nothing short of spectacular, with at least a 270% surge post-halving. From a modest $12 before the 2012 halving to $964 a year later, and similarly significant jumps in subsequent cycles, these patterns underscore the profound impact of halving on Bitcoin’s valuation.
THE DRIVE OF INSTITUTIONAL INFLUX
The recent bull cycles have been distinctly driven by varying factors, from retail enthusiasm in 2017 to significant institutional investment in 2021. In 2024, the narrative continues with institutional investors playing a pivotal role, evidenced by the massive daily inflows into Bitcoin ETFs. This institutional interest, coupled with a supply that is set to halve, is poised to be a critical catalyst for Bitcoin’s price in the aftermath of the upcoming halving.
