- Bitcoin hit $51,000 as bulls perked up following market reaction to CPI data on Tuesday.
- BTC price rose to a high of $51,708 on Coinbase, pushing its market capitalization past $1 trillion.
- Will BTC reach the new ATH before the halving?
Bitcoin (BTC) price surged past the $51,000 level on Wednesday morning, recouping all of the losses suffered by the benchmark cryptocurrency mirroring stocks on Tuesday.
These gains helped the pioneering cryptocurrency reach a market capitalization of $1 trillion, a milestone last recorded in December 2021.
The price of Bitcoin hovered around $51,500 in the early morning of February 14, according to data from CoinGecko. The BTC/USD pair is up more than 2% on major cryptocurrency exchanges, with the Coinbase price soaring to an intraday high of $51,708 at the time of writing. .
With BTC bulls eyeing a move higher, is Bitcoin ready to march towards new pre-halving highs? With BTC showing new signs of continuing its uptrend, some analysts are saying the cryptocurrency could surge to higher levels in the coming weeks. Crypto investor and analyst WhalePanda commented on X:
Now it’s very simple. you are your #Bitcoin , you will be left behind. There are no dips to buy.
These CPI numbers and the psychological $50,000 would have taken us back to $44-45,000 before the ETF.
They tried and failed and now they have to buy it again at a higher price. They won’t try again.— Whale Panda (@WhalePanda) February 14, 2024
The upcoming BTC halving and the massive demand witnessed in the spot Bitcoin ETF market are key catalysts. The latter saw inflows of nearly $631 million on Tuesday.
data show The BTC spot ETF has recorded net inflows for 13 consecutive trading days, with cumulative net inflows of $3.89 billion as of February 13.
Bitcoin halving is scheduled for April this year.