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The market today pushed the price of bitcoin (BTC) above $59,000 (USD), anticipating the possibility of surpassing its all-time high.
With this rise, the coin is less than 15% away from surpassing its all-time high price of USD 69,000, which is an anomaly from its usual cycle. Normally, bitcoin is at a greater distance from its record high with two months to go before the halving as it is now.
The price of bitcoin always reached the peak of the bull market about a year after each halving, an event that halves the issuance of the coin every four years
Ryan Lee, chief analyst at research firm Bitget Research, noted that given current bullish expectations, bitcoin could surpass its all-time high price of USD 69,000 before the halving.
"With 54 days to go until the bitcoin halving and the expectation of a Fed (U.S. Federal Reserve) interest rate cut in the middle of the year, bitcoin prices have a support level of USD 50,000 and may fluctuate to reach all-time highs in March," he commented.
Lee highlighted that the trading volume of bitcoin exchange-traded funds (ETFs) in the United States has surpassed its daily record for capital inflows. That, he added, "indicates that institutions have a strong bullish sentiment," as they are among the main investors demanding such assets.