Bitcoin Price Update: Market Rally Ahead of Halving Event

Bitcoin price update: After a tumultuous two weeks, the crypto market is finally seeing some positive movement as Bitcoin halving approaches. Investors are rallying behind BTC and altcoins, with Ethereum up 1.6% and Solana rising by 6.5%. The market cap has surged by 5.4% to $2.47 trillion, with select altcoins like Toncoin and Internet Computer seeing double-digit gains.

As Bitcoin price hovers above $65,000, investors are wondering if this sudden move is sustainable. With a 15% increase in volume and a 5% surge in market cap, BTC is solidifying its position as the leading cryptocurrency. The Relative Strength Index suggests that the current uptrend could continue in the short term, especially with the hype around the halving.

However, rising net outflows in the Bitcoin ETF market and geopolitical tensions in West Asia are adding uncertainty to the market. Despite this, the total daily net outflow volume in the ETF market has declined, with Fidelity leading in net inflows. Experts believe that the combination of ETF demand and the impact of Bitcoin halving could fuel the next bull run, with Bitcoin price expected to surpass $100,000 by 2024.