Bitcoin breaches $60K for the first time in over 2 years
The last time Bitcoin traded above $60,000 was in November 2021, shortly after it reached its all-time high. Is a “pre-halving retracement” imminent?
Bitcoin breached $60,000 for the first time in over two years after rising over 6% in the 24 hours leading up to 1:00 pm UTC, touching $60,001 on Binance at 1:11 pm.
The world’s first cryptocurrency is up over 13% on the weekly chart and 37% during the past month, according to CoinMarketCap data. The last time Bitcoin
$62,313
traded above $60,000 was on Nov. 12, 2021, when Bitcoin started its reversal, falling over 67% to the macro low of $19,297 at the beginning of April 2022.
Bitcoin’s price performance can largely be attributed to the market anticipation surrounding the upcoming halving event, which historically leads to increased buying activity, according to Bryan Legend, investor and CEO of Hectic Labs. He told Cointelegraph:
“Investors expect a reduction in supply to drive up prices. This is better known as the ‘Pre-Halving rally’ which contributes to a new bull market with a refreshed bullish sentiment. This is exactly what we are seeing today.”
Yet, according to pseudonymous crypto analyst Rekt Capital, a “pre-halving retracement” could still be on the table. The pseudonymous analyst added that the upcoming Bitcoin halving isn’t priced in by the market, based on historical market data that saw Bitcoin’s major movements occur after previous halvings, not before, Rekt Capital shared in a Feb. 28 X post.
