Bitcoin’s price has risen from approximately $43,000 to the key level of $52,000 in the past two weeks, indicating a pre-halving rebound in the market, according to an analyst. Jag Kooner, head of the derivatives department at cryptocurrency exchange Bitfinex, stated that based on past Bitcoin cycles, the price usually starts rebounding about eight weeks before the halving event, and the current price trend aligns with this pattern.
The Bitfinex analyst stated that the slowing selling pressure from the GBTC fund and the continued daily inflow of funds into other Bitcoin spot ETFs (averaging $300-400 million) have significantly supported the price of Bitcoin. However, the analyst warned that there may still be some uncertainties in the market.
Furthermore, Kooner emphasized that the altcoin market has become particularly interesting in the current environment.
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