The bitcoin price is above $48,000. There are 67 days left until halving. So, on the day of the distribution of the reward for miners, will 1 BTC cost approximately USD 70,000?
The bitcoin price has crossed USD 48,000
Today, one bitcoin costs approximately USD 48,300. This means that the price increased by 12% during the week and by 2% since yesterday.
Ether is doing slightly worse on the chart. 1 ETH costs USD 2,528, which translates into a 10% increase in 7 days and a 1% price jump in 24 hours.
There is also a very bullish mood on the market. BTC's fear and greed index is 71, which indicates investor greed. It is worth adding that the last test was performed at the price of USD 47,771, i.e. before the last breakthrough of USD 48,000. This means that today the index indicator may show an even higher value.
The Ethereum Fear and Greed Index shows 69, which also means greed.
The reason for the increases
BTC ATH is $69,000. This is how much was paid for one bitcoin at the peak of the bull market in 2021. Taking into account that the halving in the network is to take place in 67 days (this date may change – it all depends on the pace of block approval in the blockchain), when the reward for miners, 1 BTC may cost approximately USD 70,000. Of course, assuming that the current increases are not stopped. A pre-halving earthquake and BTC being snatched from weak hands cannot be ruled out yet.
But what is the reason for the increase? This is probably investors' expectation that the long-term halving – as was the case in previous cycles – will drive growth on the chart. Additionally, remember that ETFs are constantly buying bitcoins, which additionally sucks BTC out of the market.
A separate topic is ether, which is rising in price while waiting for the creation of its spot ETFs and planned changes in the Ethereum network.
The article does not constitute investment advice.