Bitcoin Surges to 27-Month High Amid Unprecedented Bullish Factors

Bitcoin prices rallied today, climbing to their loftiest value since November 2021 as the digital currency benefited from combined bullish factors that one analyst described as “unprecedented.”

“With the halving in 51 days and constant inflows in the recently launched Bitcoin ETFs there are two very strong positive elements coming together which is unprecedented,” Marc P. Bernegger, cofounder of Cryptium, said via emailed comments.

The market observer offered this input shortly before the cryptocurrency approached $54,500, according to Coinbase data.

At this point, the digital asset was trading at its most inflated value in 27 months, additional Coinbase figures provided by TradingView reveal.

“I see very positive momentum and would not be surprised if Bitcoin breaks the $60k level sooner rather than later,” Bernegger added.

William Noble, who currently serves as Director of Research and Content Development for Grayscale Investments, highlighted similar price levels for the digital asset, providing his input via SMS messages.

“Bitcoin could rise to $58k or $60k before any material correction happens in March,” he stated, emphasizing that the Federal Reserve’s Bank Term Funding Program, which was designed to give lending institutions additional liquidity, is ending on March 11th.

Tim Enneking, managing partner of Digital Capital Management, also weighed in on bitcoin’s future prospects, offering his perspective through emailed comments.

“The move today was interesting, because it took place after about 10 days of bitcoin consolidating following its move above $50k,” he stated.

“There were times when it looked as if $50k would not hold as a support level, and many commentators called for it to break,” Enneking noted.

“Instead, without much news (other than perhaps ‘Thank you, Mr. Saylor’), we have the fairly big move up today which cements $50k as a strong support level,” he stated, referring to the news that software company MicroStrategy, which Michael Saylor cofounded and now serves as executive chairman, bought another 3,000 units of bitcoin in recent weeks, according to a U.S. Securities and Exchange Commission filing.

At this point, the company holds 193,000 units of bitcoin, figures from the aforementioned SEC document show.

“Looking forward, the halving is looming large obviously, with the almost inevitable run-up to it,” he stated.

“After the turbo-charged reaction to BTC spot ETFs, no one knows whether we’ve already seen the typical run-up, or whether the two moves will be cumulative. That, of course, leads us straight into the ATH, which is now looming tantalizingly close at $69k,” said Enneking.

“With this move, we are now at a 27-month high – with Joe Retail still to be heard from,” he emphasized.

“While I think there will be more than one consolidation ahead in 2024, the future for BTC looks particularly bright at the moment.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.Follow me on Twitter or LinkedIn.