Bitcoin’s (BTC) price is recovering from last month’s sell-off. The asset has rallied 11.7% in the weekly charts, 13.7% in the 14-day charts, and 11.9% over the previous month. Moreover, BTC’s value has risen by almost 120% since February 2023. The latest rally could be due to miners holding on to their coins, contrary to January when miners had begun selling their holdings.
Also Read: Bitcoin Whales Make $6 Billion Purchase: Will BTC Reach $57,000 Next?
Bitcoin’s (BTC) latest rally has led to a surge in the project’s market cap. BTC’s market cap is not hovering just above $979 billion. The asset’s market cap has now surpassed the likes of Tesla, Visa, and JPMorgan, who have a market cap of $616.4 billion, $566.4 billion, and $503.4 billion, respectively.
How high will Bitcoin (BTC) reach before its halving event?
BTC will undergo its next halving cycle in April of this year. Many analysts and traders consider halving events bullish because they reduce rewards for miners, consequently reducing supply.
Also Read: Top 3 Cryptocurrencies That Could Surge After Bitcoin Halving
According to Changelly, Bitcoin (BTC) may face a steep correction over the next few weeks. The platform anticipates BTC’s price to drop below $40,000 by the end of February, translating to a plummet of around 16.7% from current levels. Moreover, Changelly predicts BTC to fall to around $31,600 by Mar. 12, 2024. Falling to $31,600 from current levels would translate to a drop of around 34%.
CoinCodex also paints a bearish picture for Bitcoin (BTC), predicting the asset to fall to $40,316 on Feb. 29, 2024, a fall of around 16% from current levels. Moreover, the platform anticipates BTC’s price to drop to $31,714 on Mar. 12, 2024, a decline of almost 34% from current levels.
Also Read: Spot Bitcoin ETFs Hold 3.3% of Current BTC Supply
