Bitcoin’s price range for the last few weeks finally broke free as BTC witnessed a sharp price jump, leading to speculations for the next crypto rally in the upcoming months.
Bitcoin rose steadily in the last 24 hours as bulls gathered enough strength to help it cross $46,000. There was no bearish activity in sight in the crypto market, as other altcoins also staged a mini rally. With the current trends, the next crypto rally could take over and take BTC to newer highs. Meanwhile, Bitcoin’s price range also saw a big price breakout after a stagnant period.
Ethereum’s weekly gains averaged around 6%, setting the tone for it to cross $2,500 soon. Other altcoins were in the green as well, with surging market caps. The overall market cap of the crypto market also saw a significant jump, with BTC leading it. If the crypto market continues the stable movements over the weekend, BTC may trade higher next week.
Traders and analysts were active in discussions on social media regarding Bitcoin’s price predictions. According to them, it could reach as high as $51,000 before the BTC halving event. Moreover, the crypto market has also mirrored the equities market in the US, moving on parallel lines.
As a result, the next crypto rally could take control soon and set bullish sentiments for all stakeholders.
BTC/USD 1D price chart
Bitcoin is currently trading at around $46,200 on February 9, 2024, with BTC/USD trading higher by a margin of 3.9% in the last 24 hours. Bitcoin’s market cap was trading at around $907 billion.
BTC/USD is trading higher than its 20-day EMA (42,467.09), as BTC’s 24-hour volume was at around $28 billion. The crypto market cap increased by around 2.39%, trading above $1.75 trillion. BTC’s year-to-date returns are at 10.24%.
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