Bitcoin is up by over 4% today as the largest cryptocurrency nears its all-time high after a month.
After dipping below $66,000 following wider liquidations in the crypto market, BTC made a strong comeback this week, driven by nearly $570 million total net flow in Bitcoin ETFs last week. On Thursday and Friday, Bitcoin ETFs consecutively saw more than $200 million in net inflows.
Market sentiment is also highly positive, as the fourth halving is approaching later this month. The anticipation has been further driven by the halving of Bitcoin Cash (BCH), a fork of the Bitcoin network. The token’s latest halving saw its value surge by 10%, as BCH increased nearly 60% in March.
Traders and analysts expect a similar impact on BTC after its upcoming halving. Industry experts like SkyBridge Capital’s Anthony Scaramucci recently predicted BTC would reach $170,000 in the post-halving bullish cycle.
Bitcoin’s daily trading volume is also up by 70% today. The largest cryptocurrency reached its previous all-time high a month ago, hitting $73,737. If the market sentiment prevails, BTC can create a new peak this month.
