Bitcoin Surges Past $68,000 Amid Halving Anticipation

Bitcoin

Bitcoin’s recent surge past $68,000 has ignited excitement in the cryptocurrency market, with investors eagerly anticipating the upcoming halving event in April. Expert predictions, including Bitwise CIO Matt Hougan’s forecast of $100,000 to $200,000 by 2024, add to the bullish sentiment surrounding the leading cryptocurrency.

Closing in On ATH

Bitcoin has once again captured the attention of the cryptocurrency market by surging past the $68,000 mark, nearing its all-time high and sparking excitement among investors. This surge comes as anticipation builds for the next halving event expected in April, further fueling bullish sentiment around the leading cryptocurrency.

Currently trading at $68,262.1, Bitcoin has seen an impressive 8.66% increase in the last 24 hours, bringing it within striking distance of its previous peak. Ethereum, the second-largest cryptocurrency by market capitalization, has also experienced a significant rally, breaking through $3,600 and reaching $3,629.2, marking a new high since January 2022, with a 4.65% increase in the last 24 hours.

Liquidations in Anticipation

The surge in Bitcoin’s price has led to substantial liquidation activity across the network, with positions worth a total of US$431 million being liquidated in the past 24 hours. This includes US$180 million of long positions and US$251 million of short positions, reflecting the heightened trading activity and volatility in the market.

Amidst this frenzy, experts are weighing in on Bitcoin’s future trajectory, with Matt Hougan, Chief Investment Officer at Bitwise, predicting that the coin could reach anywhere between $100,000 to $200,000 by 2024. This bullish outlook is supported by the growing adoption of Bitcoin as an asset class and the expectation of reduced supply due to the upcoming halving event.

As Bitcoin continues to assert its dominance in the cryptocurrency space, investors and analysts alike are closely monitoring its price movements and anticipating further milestones in the coming months, particularly with the impending halving event on the horizon.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.