Bitcoin last danced below $50,000 on February 14, 2024, and has since then experienced a new height. BTC has maintained the jump above $50,000 conveniently, now opening up to speculation that it could soon surpass the milestone of $60,000 by summer, that is, June. Analysts said that Bitcoin can surge to that extent. They have, however, also issued a warning before diverting funds to the crypto sphere.
For starters, all eyes are on the Bitcoin Halving event. It is scheduled to happen in April of this year. Bitcoin halving would slash mining rewards and bring down the number of tokens in supply. That would increase demand and, hence, the price. The historical context favors the rise in price following Bitcoin’s Halving. Considering it is happening in April 2024, the community gets two months to see where Bitcoin ventures out in the next two months.
A rise of at least 20% is in the picture to take the unit price against the USD to $60,000. The rise in its value in the last 30 days comes to 26.87%. Holders could indeed receive a valuation of $60,000 if it maintains that jump.
The approval of eleven Bitcoin ETF applications has enabled traders to invest in Bitcoin without gaining exposure to it. A higher number of traders and investors could enter the market in the days to come. MicroStrategy is leading the way for institutional adoption. The company has been defined as being fearless when it comes to accumulating BTC tokens. It was last reported to have 190,000 BTC as of February 5, 2024.
There is a shift in the way in which company heads would perceive Bitcoin. For example, Larry Fink, the Chief Executive Officer of BlackRock, once defined Bitcoin as an index for ML. Larry has now changed his perception, calling Bitcoin digital gold.
Such a shift in perception has strengthened BTC price prediction, which now estimates the token to cross the mark of $65,000 by the end of this year. An alternative possibility has an estimated value of $50,000. That would maintain the current value of Bitcoin. In fact, it should be decreased in the event that the Halving event lacks any significant fanfare.
The current resistance level is at ~$48,000 for BTC to move upward.
The last time Bitcoin went beyond the boundaries of $50,000 was in early 2021. The token then experienced a free fall to less than $20,000. It has come back to the monetary segment at an incredible pace. A soaring value of 112.57% in the last 12 months makes it evident.
Analysts remain optimistic about BTC touching $60,000 before the summer. It is still advisable to only invest in cryptocurrency to the extent that risk management permits.