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Bitcoin Bulls Aiming for Lifetime Highs of $69K Ahead of Halving

As the much-anticipated halving event approaches, market observers view the current pre-halving period as an opportune moment for realizing short-term profits.

Bitcoin’s upward trajectory is fueled by euphoric sentiment, institutional buying interest, and the historical precedent of significant gains associated with the cryptocurrency’s halving events. Some traders are optimistic that Bitcoin (BTC) is on course to surpass its all-time highs of $69,000 by March.

The periodic halving of Bitcoin rewards, occurring approximately every four years, historically triggers bull rallies, often resulting in substantial price surges over subsequent months. The next halving is anticipated in mid-April, according to a countdown clock.

The diminishing block rewards incentivize a decrease in the supply of new Bitcoin entering the market, which, when coupled with sustained or heightened demand, typically propels prices upward. While past performance is not necessarily indicative of future outcomes, the expectation of a rally tends to encourage investors to make significant bets on the asset.

Bryan Legend, CEO of Hectic Labs, emphasized the heightened buying activity preceding halving events, driven by investor expectations of supply reduction and subsequent price increases. However, he also noted that the rally leading up to the actual halving presents an opportune moment for realizing short-term gains.

Meanwhile, other traders foresee Bitcoin surpassing its previous peak of $69,000 in March, citing robust institutional demand and the promising debut of spot bitcoin exchange-traded funds (ETFs).

Ryan Lee, chief analyst at Bitget Research, highlighted the support level at $50,000 for Bitcoin prices, anticipating fluctuations before potentially reaching historical highs in March. Lee pointed to the record trading volume of nine bitcoin ETFs in the U.S., which reached $3.2 billion the previous week, as evidence of strong bullish sentiment among institutional investors.

On Tuesday, Bitcoin ETFs collectively traded $2 billion, with BlackRock’s IBIT alone recording over $1.3 billion in daily trading volume for the second consecutive day.

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