Bitcoin $BTC has recently surged past $64,000, marking a significant milestone for investors. This price rally, seen on October 12, 2024, was triggered by the liquidation of over $43 million in short positions, causing a supply squeeze in the market. Additionally, Bitcoin's halving earlier this year, reducing miner rewards, has compounded the effect of limited supply. This article will explore the impact of halving cycles on Bitcoin’s price and how institutional interest through Bitcoin ETFs has provided further momentum for growth.
Key points:
Overview of Bitcoin’s price movement.
Impact of halving on long-term Bitcoin price.
Role of institutional investors and ETFs in driving demand.
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