Bitcoin’s momentum continued over the weekend, and the asset managed to close above $48,000, which actually became its highest weekly closing point since December 2021.
Given the upcoming halving, which is just a couple of months away and typically serves as a catalyst for further price growth, the community speculates if BTC will not retrace anymore ahead of the event.Bitcoin endured a massive crash in mid-January after the US Securities and Exchange Commission greenlighted 11 spot ETFs.
At this point, BTC had erased approximately all losses induced by the ETFs’ launch and closed at just over $48,300 . This is the asset’s highest weekly closing price since the end of the 2021 bull market in December.
In theory, Bitcoin’s price should increase if the demand for the asset remains the same or increases since the amount of newly produced BTC declines by half. History shows that the cryptocurrency has indeed soared in the months after each of the previous three halvings. While that’s no indication of future price performances, it sets the mood for the upcoming halving and leads analysts, like PlanB andthat BTC’s price might not go below $40,000 again, given that it currently trades above its overall, 2-year, and 5-month realized prices.How to Bridge Crypto to Solana? Step by Step Guide to the Top Solana BridgesOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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