What Lies Ahead for BTC Price After Best Performance Since DEC-2020 with a 45% Surge in FEB-2024?

Bitcoin experienced a remarkable surge of 45% in February, demonstrating its exceptional strength and achieving a performance milestone not seen since December 2020. The leading cryptocurrency showcased its resilience by securing gains for the sixth consecutive month, defying market expectations and reinforcing experts’ predictions of an imminent crypto bull run.

In February, Bitcoin and Ethereum, often considered the blue-chip coins in the cryptocurrency market, took center stage. While Bitcoin made its impressive surge, Ethereum also recorded a gain of over 47%, marking its highest monthly increase since July 2022.

As February drew to a close, Bitcoin saw a 3% increase in the past twenty-four hours, closing at just over $62,000. This marked a weekly gain of 21%. Ethereum followed suit with a 3.5% daily surge, reaching $3,400 and a weekly gain of 18.8%. Competitor tokens like Solana and Cardano also experienced significant gains of 16% and 9% respectively, as they are seen as alternatives to Ethereum.

February also proved to be a groundbreaking month for Bitcoin exchange-traded funds (ETFs), with an unprecedented $677 million in daily net inflows. Analysts attribute Bitcoin’s explosive rise to factors such as its complex supply and demand dynamics, as well as the approaching Bitcoin halving and the influx of funds from spot Bitcoin ETFs.

When examining the weekly chart, it is evident that Bitcoin has been on a steady rally, maintaining its momentum since bouncing back from the 200-day moving average a few months ago. The leading cryptocurrency recently surpassed the key $60,000 level and is now aiming for the all-time high of $69,000.

According to the inverse Fibonacci retracement, Bitcoin’s next target is the $100,000 mark in the coming weeks. While this represents an incredibly bullish outlook, it is important to note that the continuation of this rally may face a short-term correction during the halving. This is because the RSI is currently indicating a significant overbought condition.

At the time of writing, Bitcoin is valued at $61,004.

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