Bitcoin is making a strong recovery after experiencing a brief dip in its price, as it nears its all-time high. The selling pressure experienced can be attributed to profit-taking from investors and miners offloading their bitcoin holdings. However, there are still strong inflows in spot bitcoin ETFs, indicating continued demand for the cryptocurrency.
Market analysts believe that bitcoin’s price could reach significant milestones in the near future. With the upcoming halving event in April, which will reduce mining rewards, there is a possibility of increased scarcity and strong demand from both retail and institutional investors. Some experts predict that bitcoin’s price could surpass $150,000 in the next year based on historical trends following previous halving events.
Following bitcoin’s upward trend, major tokens like Solana’s SOL, Cardano’s ADA, ether (ETH), and meme coins have started to reverse their losses and see gains. However, dog-themed tokens like dogecoin (DOGE) and shiba inu (SHIB) experienced sell-offs and have yet to rebound.
Overall, bitcoin’s resilience and potential for further growth remain strong, as the market continues to adapt to its volatility and the potential for transformative events like the halving.