In a remarkable turn of events, Bitcoin (BTC), the largest cryptocurrency by market capitalization, surged to unprecedented heights, shattering the $57,000 barrier on February 27th. This price level had not been witnessed since November 2021, signaling a substantial recovery for Bitcoin.
Reflecting on the current landscape, cryptocurrency and stock analyst Gert van Lagen commented on February 27th that Bitcoin is following a “parabolic trajectory” towards its anticipated target of $200,000 in the near term. He noted, “The price has maintained its parabolic course since November 22nd and remains on course to reach $200k soon. Invalidation point: $32k. This parabolic rise towards $200,000 mirrors the pattern seen in previous fifth subwaves, all historically breaking through the blue trendline in a parabolic manner.”
Analysts questioned whether Bitcoin’s price surge would anticipate the halving event. According to analysis, the cryptocurrency has already surpassed the 78.6% Fibonacci retracement level of the previous bear market—a trend typically observed post-halving. Gert van Lagen explained, “Once it surpasses 78.6%, the price tends to surge in a parabolic fashion. This coincides with increasing risk-on sentiment, akin to the current FOMO levels in the stock market. Structurally, Bitcoin has shown a strong correlation with the S&P 500 since late 2021. The S&P 500 has consistently hit all-time highs for several consecutive weeks.”
Furthermore, cryptocurrency analyst Ali Martinez highlighted a significant increase in Bitcoin whales recently. “In just the past month, over 150 new BTC addresses have been established, each holding over 1,000 BTC,” Martinez reported.
As of the latest update, the price of Bitcoin stood at $56,521.70, marking an 11.7% increase over the past 24 hours. During this period, the cryptocurrency recorded a trading volume of $52.37 billion, with a 9.2% appreciation over the last seven days.
Disclaimer: The opinions expressed in this article are solely for informational purposes and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.