Bitcoin Token Rises 20% in 7 Days – Buy BTC Now?
5 min readThe current extremely bullish trend of Bitcoin (BTC) shows that the world’s largest cryptocurrency is currently in particularly high demand. Because in the last week alone, the crypto token has risen by almost 20%. At the end of January, BTC was still trading at a price below 40,000 USD, but this price correction appears to be long over. The BTC coin has now even risen above the 50,000 USD mark.
However, there is currently reason for concern – at least among some retailers. The liquidity of BTC on crypto exchanges is currently as low as it was at the end of 2017. But why exactly is this and is now the best time to invest in BTC again?
Bitcoin price continues to rise – what are the reasons?
The main reason BTC is currently in such a strong uptrend is likely due to the Bitcoin spot ETFs that were approved for the US stock market back on January 10th. These initially ensured that a large number of investors in the Grayscale BTC Trust ETF (GBTC) liquidated their BTC bonds – which flooded the market with BTC tokens and pushed the price down. However, these outflows have now been regulated and more and more ETF providers are now collecting large amounts of BTC tokens.
BlackRock's BTC ETF has surpassed 100,000 BTC under management👑
Want to learn more about the bitcoin ETF flows?
Try our research subscription for free: https://t.co/7g8pKWLh2u https://t.co/HZohhTHjTF pic.twitter.com/8eogWg2XHv
— K33 Research (@K33Research) February 14, 2024
The crypto analysis company K33 Research explains today on X (formerly Twitter) that the US financial giant BlackRock now manages over 100,000 BTC tokens (currently worth over 5 billion US dollars). Other Bitcoin ETF providers have also accumulated large amounts.
Supply and demand are currently shifting noticeably, which in turn is pushing the Bitcoin price up and ensuring that fewer and fewer BTC coins are being offered on the market.
Google Search Trends maintains that a value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.#Bitcoin is currently at 18! It hasn't even reached mid-popularity yet. pic.twitter.com/kdCRHzlIiD
— Ali (@ali_charts) February 13, 2024
At the same time, some crypto analysts like Ali Martinez (@ali_charts on X) believe that BTC could become much more popular in the coming weeks. This could then ensure that the BTC price will rise again before the next BTC halving is reached.
The latter will take place in April 2024 and will halve the number of BTC rewards that Bitcoin miners receive for successfully validating a BTC block. This reward is currently 6.25 BTC per block, but will then be reduced to 3.125 BTC per block.
According to historical data, a BTC halving has repeatedly triggered a bull market in the past, which initially drove up the BTC price and then most altcoins.
Bitcoin Forecast: Is now the best time to buy Bitcoin?
It is always difficult to make a long-term and safe BTC forecast, as even external factors – such as new laws and regulations or the global economy – can influence the crypto world. Nevertheless, some crypto analysts are venturing into this very problem.
For example, the crypto influencer known under the pseudonym “BitQuant” has now stated that in his opinion BTC will never fall below the 50,000 USD mark again. He explained on the social media platform X that Bitcoin is now on the way to a new all-time high.
This is why I believe #Bitcoin below $50K is done. Are there any pullbacks on the daily chart? Yes, there are. Are those worth trading? Not for me. This is a move toward new all-time highs. It can be quite risky trading against such strong moves.🔥 pic.twitter.com/AaihdUPFHi
— BitQuant (@BitQua) February 14, 2024
The previous all-time high is 69,044.77 USD, reached on November 10, 2021, according to CoinGecko data . For several weeks and months now, there have been many crypto experts who have assumed that BTC will actually exceed its previous all-time high this year.
Michael van de Poppe, CEO and founder of MN Trading Consultancy, also explains via If this is indeed the case, it would represent the highest BTC price since November 2021.
As you can see, we're getting at the highs of my scenarios for #Bitcoin.
That's fine, trading is about scenarios and sometimes your analysis can be great, but the markets decide another way.
However, if $46K holds, I suggest we're seeing $53-57K pre-halving. pic.twitter.com/74Gglbf92U
— Michaël van de Poppe (@CryptoMichNL) February 13, 2024
However, it is questionable how exactly BTC will behave after the halving in April. Many crypto experts assume that the price will continue to rise, but others urge caution. In fact, there is also the possibility that large investors in the crypto industry (often referred to as “crypto whales”) will realize profits. This could well trigger a scenario where BTC price experiences another significant correction.
Bitcoin miners are preparing for BTC halving
What is clear is that Bitcoin is currently on a bullish rally that is driving the BTC price ever higher. In the last 24 hours, BTC experienced an increase of 2.81%. The BTC chart looks even more convincing when looking at the last seven days. Because within the last week, Bitcoin even increased by 19.52%. At the time of publishing this article, the Bitcoin price stands at 51,571.70 USD.
The Bitcoin (BTC) price last week (Source: CoinMarketCap)
However, it’s not just crypto traders and analysts who are currently busy with BTC. Many crypto miners are also preparing for theBTC halving, which occurs automatically approximately every four years (more precisely: every 210,000 BTC blocks). Large Bitcoin mining companies are currently expanding their hardware inventory and trying to get a larger share of the BTC rewards.
But the interest of smaller investors and crypto newcomers in BTC mining continues to grow. Cloud mining providers are particularly in demand at the moment, enabling BTC mining even for non-technical users without a large investment.
Crypto exchanges with the lowest fees 2024
