Bitcoin price continues its parabolic rally with a swift move to $64,000. Is a new all-time high the next stop?
Bitcoin (BTC) price rallied in excess of 10% to a new 2024 high at $64,000 on Feb. 28. The bulk of this month’s 50% price move is being attributed to investors’ anticipation of the upcoming supply halving event, which is typically followed by strong upside price action.
The steady inflows to the recently launched spot Bitcoin ETFs is also thought to be playing a critical role in Bitcoin’s price action.
Shortly after reaching $64,000, Bitcoin price flash crashed to $58,700, likely the result of a sell wall at this level and a clearing out of late leverage longs, but at the time of publishing, BTC had recovered nearly 5% of the downside move.
