“Bitcoin’s Growth – Is a Breakout in the Cryptocurrency Market Coming?”

16 February 2024 | 06:40

Bitcoin’s Unwavering Price in the Cryptocurrency Market

The price of Bitcoin (BTC) remains stable at the beginning of Thursday’s session, showing little reaction to the anticipated pullback from the $52,000 level, as predicted by many analysts. Currently, it has been ranging between $51,700 and $52,700 for the last 24 hours, hinting at a potential breakout in either direction, though uncertain as to which.

Bitcoin Price Surge

Over the past week, the price of the most popular cryptocurrency has surged by over 22%, from $42,735 on February 7th to the current $52,350, marking the highest level since December 2021. This increase suggests that a potential retreat would not come as a surprise to the cryptocurrency market.

Market Analysis by Bitfinex

Analysts at Bitfinex have noted that the current market movement corresponds to the rally preceding the halving, observed in previous Bitcoin cycles. The company also highlighted the strength of the altcoin market, which has contributed to the growth of the total cryptocurrency market capitalization to $2 trillion.

Bitfinex Team’s Forecasts

The Bitfinex team predicts that Bitcoin ETFs will continue to drive demand for the cryptocurrency in 2024. Due to the decreasing supply available on the market, further price increases can be expected. At the time of writing, the price of Bitcoin stands at $52,250, indicating a 1.15% increase over the last 24 hours.

In conclusion: The Bitcoin market remains stable despite expectations of a potential pullback. Analysts suggest a possible breakout in either direction, while the Bitfinex team forecasts further price growth, driven in part by demand related to ETFs.