Bitcoin (BTC) is pumping past $25k and hits 6-Month high

• Bitcoin’s (BTC) price surged past $25,000 to print its highest price in 6 months.
• The forthcoming halving event of the premier cryptocurrency is already being factored into its price projections.

The price of Bitcoin (BTC) impressed investors earlier this week as it hovered above $25,000 to print its highest price level in 6 months. The upshot came as a very big surprise considering the fear of the United States Securities and Exchange Commission (SEC) cracking down on the stablecoins and key players in the industry.

In periods of massive price runs in Bitcoin markets, many risk-averse investors often wonder whether they have missed the train. Notably, investing in Bitcoin or any other volatile asset is a risky venture irrespective of the time the cash is injected in, and as such, many always look for a perfect entry in which the prices are sufficiently discounted through selloffs.

With Bitcoin hitting a high of $25,134.12 in recent times, a number of pundits have started projecting an end to the more-than-a-year bear market. While these predictions stir optimism across the board, the potential intermittent corrections were not factored in by many.

At the time of writing, the premier digital currency is changing hands at $23,755.58 and is down 3.49% over the past 24 hours. This current price point has been considered by many as another buying opportunity for those with the heart to HODL the cryptocurrency.

Bitcoin and Altcoins Returns from Oversold Levels

While Bitcoin has recorded significant price growth since the start of the year, the same could be said of top altcoins as well. Ethereum (ETH) is up by more than 38% in the Year-to-Date (YTD) period with its price changing hands at $1,663.64. Solana (SOL) is also not left in this uptrend and has charted a 132.3% growth YTD, coming off as one of the biggest gainers among the top 20 digital currencies.

Market expert, Richard Mico, the U.S. CEO of crypto payment-and-compliance infrastructure provider Banxa confirmed that assets have continued to rebound from their lows from last year.

The December lows followed just extreme volatility because of the FTX debacle, with the major crypto assets back then looking extremely oversold. It also appears there was significant tax-loss harvesting in December,” Mico wrote, “Now, there are not that many forced sellers left in this market. They’ve already been washed out with various short squeezes.

With the current price outlook, the futures and derivatives market appears overheated, however, on-chain data suggests more bulls are still dominating the market overall. 

Bitcoin (BTC) Halving Sentiment

While it may appear earlier, a lot of industry stakeholders are already pricing in the opportunities that the next Bitcoin halving event is bound to have on the price of the digital currency. With the current Bitcoin block reward pegged at 6.25 BTC, the next halving will reduce this by half, shrinking it by half.

Eventually, there will be a reduced supply, and demand is bound to grow subsequently thus creating an economic situation that can help bolster price growth in the long term.

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