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Bitcoin surged overnight trading, hitting a fresh high for 2024 at $57,465 on Coinbase, marking its highest price since December 3, 2021, and the second-largest price surge in 2024.
Rising Prices and Momentum
In the past 24 hours, Bitcoin's price soared from $51,215 to $57,465, representing a gain of 12.21%. Despite a slight pullback to $56,665, bulls are poised to extend the rally, eyeing $58,000 as the next resistance level.
Similarly, Ethereum (ETH) reached a new high for 2024 at $3,292, its highest price since April 10, 2022, reflecting an 8.4% increase over the past 24 hours.
Bitcoin and Ether have been on relentless rallies since October, doubling in price. This surge has propelled Bitcoin's market cap above $1 trillion, with its price now trading less than 18% below its all-time high near $69,000.
Market Speculation
Analysts had anticipated a significant pullback in Bitcoin's price, considering previous bull markets' corrections following price surges leading up to a halving. However, heavy spot BTC ETF inflows have limited downside pressure, with over $200 million liquidated in short positions in the past 24 hours.
The momentum and demand brought by Bitcoin ETFs, coupled with speculation about the approval of spot Ether ETFs, have introduced a new paradigm into the cryptocurrency market cycle, potentially altering the behavior of this bull market compared to previous ones.
Expert Insights and Predictions
Mikkel Morch, founder of digital asset investment fund ARK36, views the recent surge in Bitcoin and Ether prices as indicative of growing institutional confidence in cryptocurrencies' transformative potential. He predicts a new all-time high (ATH) for Bitcoin in the coming weeks.
According to CNBC, Morch highlights MicroStrategy's recent acquisition of approximately 3,000 bitcoins for $155 million as evidence of growing institutional endorsement driving the rally. He believes the impending Bitcoin halving event in April will further restrict the cryptocurrency's supply and intensify speculation and investment.
Furthermore, Morch emphasizes that this rally extends beyond crypto investors, permeating the broader economic sector.
According to Daily Coin, there is a good chance that Bitcoin will reach new all-time highs even before the halving event this April happens.
Athena Miao, Chief Commercial Officer at BigONE, foresees Bitcoin's rally extending further in the weeks ahead, potentially reaching a new all-time high before the halving event. She predicts Bitcoin will surpass $100,000 by year-end, buoyed by favorable macroeconomic conditions and internal systems within the cryptocurrency space.
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