Bitcoin (BTC), the largest cryptocurrency on the market, has caused a stir in the cryptocurrency community after breaking through the $72,000 mark on April 8. This comes after a price correction in the global cryptocurrency market in the first week of this month.

As a result, the total market capitalization has increased by 3.84% in the past 24 hours. Factors behind the current rise in Bitcoin prices The current Bitcoin price trend can be attributed to a variety of reasons. One of these factors is the upcoming Bitcoin halving event, which will take place on April 18. During this period, the block rewards given to miners will be reduced by half, which helps to reduce the rate at which new Bitcoins enter circulation.

Research data from CryptoQuant shows that by the end of this month, the cost of mining Bitcoin for all common and latest mining machines S19 XP will double from $40,000 to about $80,000. Historically, the price of Bitcoin has risen sharply after halving events.

After the 2012 halving, the price of Bitcoin increased exponentially by more than 9,000% to $1,162. After the 2016 halving, the price surged by more than 4,000% to $19,800. Finally, after the 2020 halving, BTC’s value increased by 683% to $69,000. As investors prepare for this year’s halving, the price is expected to break through $80,000.

Growing Institutional Interest Another important reason for Bitcoin’s price action is the growing interest from institutional investors. 💰qun+崴：tq58956👈After the spot Bitcoin ETF was approved earlier this year, many major investors have shown interest in the digital asset. Notably, Citigroup, Goldman Sachs, UBS Investment Bank, and Citadel Market Making have been leading the new institutional interest.

Finally, it is worth noting that Southern Fund, which manages more than $284 billion worth of assets, has apparently requested to set up a spot Bitcoin trading fund through Hong Kong. With the growing interest from these top players, the major prediction of Bitcoin’s price reaching $85,000 may soon come true. #BTC、 #ETH🔥🔥🔥 #WIF #SHIB #Meme