Bitcoin Surpasses $46,000: What Path Will BTC Take Before the Halving?

– Advertisement –

• Bitcoin once again surpassed $46,000 early Friday morning, repeating the gains from the previous day.
• Moreno added that their total holdings are currently at the highest level since November 2022, with 3.9 million BTC.
• Other analysts suggested that the current price movement is a result of the US spot Bitcoin exchange-traded funds (ETFs) launched last month.

Bitcoin price exceeded the level of 46K dollars on the last trading day of the week, stimulating positive emotions: What will happen before the halving?

Bitcoin Price Surpasses $46,000 on the Last Day of the Week

Bitcoin once again surpassed $46,000 early Friday morning, repeating the gains from the previous day. As of the time of writing, the Bitcoin price is $46,586, which is 8% higher compared to the same time last week according to data. These are the highest observed BTC price levels of the past month.

The bull momentum comes with an overall positive sentiment, emphasizing the expectation of a historic breakout among altcoins. Analysts said that a series of factors by “whales” led to the asset’s rise.

Julio Moreno, head of research at CryptoQuant, told Decrypt yesterday that they found a bottom where the selling pressure exhausted when the short-term holders had zero unrealized profit margins, but more ‘whales’ have been buying BTC this year. Moreno added that their total holdings are currently at the highest level since November 2022, with 3.9 million BTC.

A popular trader using the pseudonym Crypto Tony predicted that Bitcoin could rise to $47,000 today. Michaël van de Poppe said on Twitter that he believes the strong price movement could take Bitcoin to $51,000 before the Bitcoin halving. The halving is a regular event that halves the rewards paid to miners confirming transactions on the Bitcoin network. It is expected to take place in mid-April according to current estimates.

Spot Bitcoin ETFs may be contributing

Other analysts suggested that the current price movement is a result of the US spot Bitcoin exchange-traded funds (ETFs) launched last month. There are signs that traders who sold at the launch are now attempting to re-enter the market, indicating a general optimism about Bitcoin’s further potential gains.

Meanwhile, Ethereum (ETH) gained 2% as of yesterday and is currently trading at $2,470 according to data. Solana (SOL) also made significant gains, rising by 4.2% in the last 24 hours and currently trading at $105.95 at the time of writing.