Bitcoin Price Touches USD 54 Thousand This Week, Here's Analyst Prediction

Liputan6.com, Jakarta – The price of Bitcoin (BTC) shot above the USD 54,000 level on Monday (26/2/2024) after recovering from a week of weak trading.

Bitcoin was last higher by 5% at USD 54,460.00, according to Coin Metrics. At its highest session, Bitcoin price touched USD 54,965.26 and reached its highest level since December 2021.

“Today is Bitcoin futures settlement day, which contributed to the price spike we saw,” said Ryan Rasmussen, analyst at Bitwise Asset Management, quoted from CNBC International, Tuesday (27/2/2024).

“We are approaching the window where we usually see traders positioning themselves ahead of the Bitcoin halving, which will occur in the second half of April. I suspect this is the day that people start to enter bullish positions before the halving occurs,” he explained.

Most of the crypto market also got a boost from the rise in Bitcoin prices.

Ether price rose more than 2 percent to trade at USD 3,173.87. Then there is Solana which is more than 5 percent and ADA Cardano token is up around 4 percent. The MATIC Polygon token also increased by 8 percent.

Crypto-related equities soar. Coinbased and Micro Strategy jumped 16 percent, Riot Platform and Marathon Digital, the largest bitcoin miners, jumped 15 percent and 20 percent respectively.

Previously, Bitcoin traded flat in the week leading up to Monday, when the breakout began, and put it on track for a 27 percent monthly gain.

“Bitcoin has been hovering around USD 52,000 for the past two weeks and is looking for an opportunity to break out of it,” said Owen Lau, analyst at Oppenheimer, who cited positive exceptional developments in crypto regulation and increasing retail participation.

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