BTC rose above $50,000 for the first time since late December 2021. The Fear and Greed Index moved to “extreme greed.”
The price of Bitcoin rose above $50,000 on February 12, 2024. According to CoinGecko, the asset is trading around $50,100 as of 13:00 (GMT+2), February 13. The last time BTC exceeded $50,000 was on December 28, 2021. So its price hit a local high for the last 25 months.
Experts explain the growth by the following factors:
- The slowdown in the sell-off of Grayscale Bitcoin Trust ETF (GBTC) assets. Investors withdrew $6.3 billion worth of BTC from the fund’s accounts since it became an ETF.
- Miners cut back on daily BTC sales. At the end of 2023, the figure was up to 800 BTC per day, and now it’s less than 300 BTC.
- Spot Bitcoin ETFs attracted over $10 billion since launch, with BTC being used as collateral.
- Investors are actively hoarding BTC ahead of the halving.
- According to statistics, February is a favorable time for BTC. The asset ended a month with losses only twice in 11 years. This affects the overall sentiment of market participants.
Against this background, the Fear and Greed Index shows that the market moved to the “extreme greed” zone. On February 13, the index reached 79 points, which is its highest level since November 9, 2021, when it climbed to 84 points. On November 10, Bitcoin set an all-time high.
The interest in BTC is also driven by macroeconomic statistics from the United States, as the country is expected to record a rise in the CPI. Updated data will be presented on the website of the U.S. Bureau of Labor Statistics at 8:30 (EST).
Experts interviewed by CP Media generally gave extremely positive forecasts regarding Bitcoin’s prospects in 2024.
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