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February 12, 2024

Bitcoin's Price Nears $50,000 Amid Bullish Momentum and Upcoming Halving Event

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Bitcoin's (BTC) price has garnered significant attention recently as it edges closer to the $50,000 mark, driven by a bullish weekly divergence. Top crypto analyst Michaël van de Poppe took to X (formerly Twitter) to highlight Bitcoin's impressive trajectory, noting its recent break above the $48,000 barrier.

Bitcoin's Price Nears $50,000 Amid Bullish Momentum and Upcoming Halving Event

The anticipation around Bitcoin's price movement is further intensified by the upcoming Bitcoin halving event slated for April. Historically, halving events, which reduce the reward for mining new blocks by half, thereby limiting the supply of new coins, have preceded bullish runs in Bitcoin's value. Van de Poppe has set his sights on the $50,000 target for Bitcoin, attributing his prediction to the halving event's impact.

Bitcoin Price Movements

As of the latest update, Bitcoin's price is $48,011, experiencing a slight downturn of 0.36% over the last 24 hours. However, the week paints a more positive picture, with an 11.19% increase in its value. The trading volume for Bitcoin has also seen a rise, up 7.08% in the last 24 hours, with a total of $20,347,457,133 circulating in trades.

In addition, recent statistics from CoinGlass indicate that Bitcoin saw $31.48 million in liquidations over the past day. This figure includes $18.59 million in long liquidations and $12.90 million in short liquidations, indicating a mixed reaction from Bitcoin traders as they navigate current market conditions.

Key Points:

  • Bitcoin's price is approaching the $50,000 mark, driven by a bullish weekly divergence and a recent break above the $48,000 barrier.
  • The upcoming Bitcoin halving event in April is further fueling anticipation around Bitcoin's price movement, as halving events have historically preceded bullish runs in Bitcoin's value.
  • Bitcoin's price currently stands at $48,011, with a slight downturn of 0.36% over the last 24 hours. However, the week has seen an 11.19% increase in value.
  • The trading volume for Bitcoin has risen by 7.08% in the last 24 hours, with a total of $20,347,457,133 circulating in trades.
  • Recent statistics from CoinGlass show that Bitcoin experienced $31.48 million in liquidations over the past day, indicating a mixed reaction from traders in the current market conditions.

Takeaway:

Bitcoin's price is on the verge of reaching the $50,000 mark, driven by positive market momentum and the upcoming halving event. Traders and investors are closely watching Bitcoin's trajectory, as historical patterns suggest the potential for a bullish run. However, it is important to note that the cryptocurrency market can be volatile, and conducting thorough research and seeking advice from financial experts is crucial before making any investment decisions.

About the author
Ethan Lim
Ethan Lim
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Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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