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Bitcoin hits $51k as bulls roar into life following Tuesday’s markets reaction to CPI data. BTC price rose to highs of $51,708 on Coinbase, with its market cap back above $1 trillion. Will BTC reach new ATH before halving?
Bitcoin (BTC) price skyrocketed past the $51,000 level on Wednesday morning, recouping all losses suffered as the benchmark crypto mirrored stocks on Tuesday.
The gains have seen the pioneer crypto reach a market capitalization of $1 trillion, a milestone last seen in December 2021.
According to data from CoinGecko, the price of Bitcoin hovered around $51,500 early morning on February 14. The BTC/USD pair traded more than 2% up across major cryptocurrency exchanges, with prices on Coinbase having shot to an intraday high of $51,708 as of writing.
As BTC bulls eye a higher move, is Bitcoin poised for a march to a new all-time high pre-halving? With BTC showing fresh signs of an upside continuation, some analysts are saying the cryptocurrency could surge to higher levels in coming weeks. Crypto investor and analyst WhalePanda noted on X:
It's very simple now. You sell your #Bitcoin , you get left behind. There are no dips to buy. Those CPI numbers and the psychological $50k would've dumped us back to $44-45k pre-ETFs. They tried, they failed, and now they have to rebuy higher. They aren't going to try again. — WhalePanda (@WhalePanda) February 14, 2024
The upcoming BTC halving and the massive demand witnessed within the spot Bitcoin ETF market are key catalysts. For the latter, there were nearly $631 million in inflows on Tuesday.
Data shows BTC spot ETFs have recorded net inflows for thirteen consecutive trading days, with cumulative net inflows at $3.89 billion as of February 13.
Bitcoin’s halving is set for April this year.
