Markets News Report
February 27, 2024

Bitcoin Bulls Set Sights on $60K Milestone After Driving Price Rally to $57K in Monday Surge

In Brief

Bitcoin price surged to a peak of $57,409, representing a notable 10.1% increase over 24 hours and is expected to reach $60K soon.

Bitcoin Bulls Set Sights on $60K Milestone After Driving Price Rally to $57K in Monday Surge

On Monday, Bitcoin surged to a peak price of $57,409, representing a notable 10.1% increase over 24 hours and propelling the digital asset’s market capitalization to $1.10 trillion. MPost earlier reported on February 15 that Bitcoin could experience a substantial surge and could potentially reach $60,000 within the next two weeks.

This forecast is based on analysts’ careful examination of historical patterns coupled with the burgeoning interest observed among institutional investors toward Bitcoin. Bitcoin is trading at $57,202 (at the time of writing).

The surge in optimism surrounding Bitcoin can be attributed to heightened investor engagement with exchange-traded funds (ETFs). Since their commencement of trading in the US on January 11, Bitcoin ETFs have witnessed a net inflow of $5.6 billion, indicating a burgeoning interest in the cryptocurrency that extends beyond its traditional enthusiast base.

Additionally, the anticipation of an imminent reduction in Bitcoin’s supply growth, commonly referred to as the halving, is another factor bolstering positive sentiment. This event is widely perceived as a bullish signal by many investors.

Moreover, this above $57k resurgence marks a significant milestone, as Bitcoin hasn’t attained such levels relative to the U.S. dollar since November 22, 2021, approximately 12 days following its previous peak valuation of $69,000.

Source: CoinDesk

MicroStrategy’s $155 Million Investment Spurs Surge

The cryptocurrency has experienced a robust rally of over 10% across two trading sessions, a momentum strengthened by the disclosure made on Monday by MicroStrategy, a prominent crypto investor and software firm, revealing its recent acquisition of approximately 3,000 bitcoins for a total investment of $155 million.

The rally commenced on Monday morning within the United States, as Bitcoin surged past the $53,000 mark, a milestone not reached since November 2021. Subsequently, the price continued its upward trajectory, surpassing $54,000 later in the day. The momentum intensified during the U.S. evening and early Asian morning hours, characterized by notable activity as Bitcoin swiftly exceeded the $55,000, $56,000, and $57,000 levels within a matter of minutes.

Recently, Reddit publicly submitted its S-1 registration statement to the Securities and Exchange Commission (SEC). Within the S-1 filing, Reddit disclosed its strategic allocation of a portion of its surplus cash reserves into Bitcoin and Ether, exclusively for treasury purposes, along with other cryptocurrencies that regulatory entities have categorized as unlikely to be deemed securities.

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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