Bitcoin Hits $64,000 Targeting Historic All-Time High Pre-Halving

Bitcoin’s value soared to $64,000, marking a momentous occasion as it matched its peak price from the bull run of 2021. This surge comes after a notable increase from $51,000 over the last two days. Analysts attribute this rise to enthusiasm surrounding the Bitcoin ETF and the anticipation of the upcoming halving event. The idea is that investors are snapping up Bitcoin at a rate that outpaces its daily production, leading to a supply shock.

Such a supply shock preceding the halving event is in line with expectations, as historically, Bitcoin’s price tends to increase before such milestones. Yet, it stands out this time because, should Bitcoin reach a new all-time high before the halving, it would be an unprecedented event in the history of the cryptocurrency. Until now, Bitcoin has never achieved a new peak before a halving.

The sentiment among institutional investors is overwhelmingly positive, driven by a surge in Bitcoin ETFs to record inflows. Moreover, the Fear and Greed Index, a measure of market sentiment, currently stands at 80, signaling a widespread feeling of extreme greed among participants in the cryptocurrency market.

At time of writing, Bitcoin has moved back a little and is trading at $61,484 according to CoinMarketCap data.