As Bitcoin Exceeded $59,000, All Eyes Turned to 2021 ATH! Will the BTC Rally Continue?

Leading crypto currency Bitcoin Continuing its unstoppable rally, the $58,000 and $59,000 levels not seen since December 2021 were surpassed.

investors BTC As expectations for the price increase Some analysts have said that market enthusiasm, institutional buying demand, and historical data on Bitcoin’s (BTC) halving event put Bitcoin on track to surpass its previous ATH of $69,000 in March.

According to historical cycle data at this point, Bitcoin price has increased by several hundred percent in the months following previous halving events.

Speaking to Coindesk, Hectic Labs CEO Bryan Legend said the following about his Bitcoin expectation:

“Expectation always leads to increased purchasing activity, or ‘FOMO’.

Investors expect a decrease in BTC supply with the halving, which will push prices up and a rally before the halving.

Investors also expect a new ATH in the BTC price with this rally.

“Also, the rally leading up to the actual halving event is a great time to make short-term gains.”

Except Bryan Legend Ryan Lee, principal analyst at Bitget Research also evaluated Bitcoin.

At this point, Ryan Lee stated that some investors expect Bitcoin to rise up to its previous ATH of $ 69,000 in March, adding that apart from this expectation, the increasing corporate demand for BTC and spot Bitcoin ETFStrong input into BTC He said he would increase the price.

“With 54 days until the Bitcoin halving and the expectation of a mid-year interest rate cut by the Fed, BTC prices have a support level at $50,000 and could reach historic highs in March.

Trading volume for nine Bitcoin ETFs in the US also reached a new high of $3.2 billion last week, indicating that institutions have a strong bullish sentiment.

“Aside from the Bitcoin halving, strong demand for spot ETFs is acting as a catalyst for prices.”

*This is not investment advice.