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Bitcoin Set for Its Biggest Monthly Gain in 3 Years
Cryptocurrency has more room to run, analysts say.
#Bitcoin $BTC is on track to finish its strongest month since December 2020. Even with prices hovering around all-time highs, this bull market is nowhere near peaking, according to analysts.
The largest crypto asset by market capitalization has gained a staggering 44% in February, surpassing $50,000 and $60,000 for the first time in years and reaching a high of $64,000 on Wednesday. The rally came after a pullback below $40,000 following the debut of spot bitcoin exchange-traded funds in the United States in late January.
Bitcoin has the opportunity to end the month with the highest price in its history. To do so, it must break above $61,357 before midnight UTC, the October 2021 closing price near the peak of the previous market cycle.
The cryptocurrency rally in February was broad, with the CD20 index advancing more than 40%.
While the price of bitcoin remains near its all-time high, some analysts still see more upside.
"We haven't even begun to reach the heights we are likely to reach." Alex Thorn, head of enterprise-wide research at Galaxy, in a market analysis published in X on Thursday. He argued that US spot bitcoin ETFs are a “game changer” as they provide steady (and recently accelerating) demand for BTC. Meanwhile, around 75% of the bitcoin supply is owned by long-term holders, who have so far been unwilling to sell at recent price levels.
On-chain transaction volume on the Bitcoin network and retail interest in cryptocurrencies are still far from the levels experienced during previous peaks, IntoTheBlock analysts noted.
Cryptoanalysis firm Swissblock predicted that bitcoin's current bullish trend is "just the beginning of what's to come."
Cryptocurrency has more room to run, analysts say.
#Bitcoin $BTC is on track to finish its strongest month since December 2020. Even with prices hovering around all-time highs, this bull market is nowhere near peaking, according to analysts.
The largest crypto asset by market capitalization has gained a staggering 44% in February, surpassing $50,000 and $60,000 for the first time in years and reaching a high of $64,000 on Wednesday. The rally came after a pullback below $40,000 following the debut of spot bitcoin exchange-traded funds in the United States in late January.
Bitcoin has the opportunity to end the month with the highest price in its history. To do so, it must break above $61,357 before midnight UTC, the October 2021 closing price near the peak of the previous market cycle.
The cryptocurrency rally in February was broad, with the CD20 index advancing more than 40%.
While the price of bitcoin remains near its all-time high, some analysts still see more upside.
"We haven't even begun to reach the heights we are likely to reach." Alex Thorn, head of enterprise-wide research at Galaxy, in a market analysis published in X on Thursday. He argued that US spot bitcoin ETFs are a “game changer” as they provide steady (and recently accelerating) demand for BTC. Meanwhile, around 75% of the bitcoin supply is owned by long-term holders, who have so far been unwilling to sell at recent price levels.
On-chain transaction volume on the Bitcoin network and retail interest in cryptocurrencies are still far from the levels experienced during previous peaks, IntoTheBlock analysts noted.
Cryptoanalysis firm Swissblock predicted that bitcoin's current bullish trend is "just the beginning of what's to come."
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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