Bitcoin exceeded $49,000 for the first time since December 2021

  • On February 12, the first cryptocurrency surpassed the $49,000 level.
  • The last time the Bitcoin rate reached this level was in December 2021.

According to TradingView, on February 12, 2024, Bitcoin exceeded the $49,000 mark, reaching a level of $49,950. This was a significant milestone considering that the cryptocurrency had not reached this price since December 2021. The price surge was reported by TradingView, a well-known platform for tracking market trends.

Bitcoin/USDT exchange rate on Binance. Source: TradingView

Arthur Hayes, the co-founder of the popular BitMEX exchange and a prominent expert in the crypto field, had previously predicted that Bitcoin would reach its all-time high in 2024. This recent price surge seems to be in line with his prediction.

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Ki Young Ju, the CEO of CryptoQuant, also expressed optimism regarding Bitcoin’s growth. He predicted that the price of the cryptocurrency could reach $112,000 by 2024. Ju attributed this surge to the increasing popularity of spot Bitcoin exchange-traded funds (ETFs).

The expert also mentioned that even in a “worst-case scenario,” Bitcoin’s price is expected to reach $55,000 by the end of the year. This indicates that the future of Bitcoin appears promising, with several factors contributing to its potential growth.

It’s worth mentioning that the Bitcoin halving, which occurs when the block reward for miners is reduced by half, is approaching. With less than 10,000 blocks left before the halving, this event could have an impact on the cryptocurrency’s price.