Bitcoin, the leading cryptocurrency, has started a new period of very fast growth. This happened after its value broke past the key $48,000 market last week. Some experts now say this could be the beginning of a huge Bitcoin price rally that may reach $130,000 or more this year.
Trader Tardigrade, a prominent crypto analyst, shared a post on February 12, predicting that Bitcoin left the “Get Ready” period shown in his chart by a green triangle. It has entered the ‘Boom’ phase, which he thinks can push Bitcoin to $130,000 or more by 2024.
His forecast relied on patterns in Bitcoin’s past price movements, which are illustrated in his posted charts. He noticed BTC closed last week at a new high of $48,000 for the first time since December 2021. This signals a strong rising trend.
Bitcoin’s Highest Weekly Close Since Dec. 2021
Bitcoin Archive, a famous crypto analyst, posted on X that BTC begins a new week looking strong after reaching its highest weekly close since December 2021. The BTC price continues to show strength as it approaches key resistance around $50,000. Traders are wondering if there is room for more gains.
Another analyst named Ali Martinez wrote on February 11 that BTC support levels “remain strong, possibly outweighing resistance.” He argued that despite some doubts, BTC could reach $57,000 next. According to his transaction data analysis, this was the next big resistance level.
Bitcoin traders are focusing on the chances for further rises after a 13% weekly gain. The upcoming halving event in two months is now boosting sentiment. Various theories suggest anticipation of the halving could push the BTC price even higher in the next couple of months.
The current market price of BTC stands at $47,833, with a total market capitalization of $942.17 billion. Over the past 24 hours, BTC has experienced a trading volume of $20.52 billion. There has been a decrease of 0.27% in BTC value in the last 24 hours, with a circulating supply of 19.63 million units.