The entire cryptocurrency space is abuzz with excitement as the bitcoin price surged today, demonstrating immense resilience, reaching the $59,000 threshold and even higher in the last 26 months.
bitcoin Rally Starts Strongest Pre-Bull Cycle Yet
bitcoin is currently in the spotlight as the crypto asset continues to rally, leading several analysts to identify the rise as the beginning of the “biggest bull cycle of all time.”
crypto analyst and trader Jelle has labelled the recent rally as the “strongest start of a new cycle,” as its analysis examines the strength of btcIncreasing.
Jelle claims this was a result of bitcoin's latest “breakout of the 0.618 Fibonacci retracement.” According to the analyst, “this is the first time” that the asset makes this type of movement “before the bitcoin Halving The event happens.”
He also states that with the ongoing rally, it seems that “a new regime” awaits the market, and believes that things will develop in the market “differently” than they usually do.
The post said:
This is the first time that bitcoin has broken the 0.618 Fibonacci retracements even before the halving event occurs. By far the strongest start to a new cycle ever. It seems that a new regime awaits us, where things work a little differently than they used to.
The analyst claims that a change in narrative is ushering in a “new era of dynamics in the cryptocurrency landscape.” As a result, “exciting times await” space in the future.
crypto jelly declared that nothing can stop bitcoin right now. “With btc rising another 2% in the last few hours, there seems to be no stopping it right now,” he stated.
Additionally, most of yesterday's gains occurred outside of ETF trading hours. However, the analyst is waiting to see if they will “force boomers to shop around.”
btc ETFs See Massive Inflow
BitMEX Research Company reported that bitcoin Spot ETFs have seen increased adoption, witnessing a massive increase in daily inflows. Platform data shows that ETFs have witnessed a significant inflow of 10,167 btc valued at $576.8 million.
BitMEX stressed that Blackrock iShares btc ETF (IBIT) It represented $520 million of the total revenue. Consequently, this marks the highest entry the company has seen since the products were approved.
So far, Blackrock's asset holdings have grown to over 141,000 btc, and its net inflow sits above $6.5 billion. Currently, bitcoin is trading at $59,254, indicating an increase of over 4% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
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