Chart of Day: Hut 8 Mining (HUT) – 2/13

Bitcoin is now above $48,000 – and could see $50,000 again soon.

All thanks to a potential pre-halving rally and heavier interest in Bitcoin ETFs.

For one, as noted by DailyHodl.com, “Historical data suggests that Bitcoin’s price action tends to go through five stages based on its halving, an event when the issuance of new BTC to miners is cut in half. With the next halving slated for April, Rekt Capital believes that Bitcoin is now transitioning from its pre-halving retrace to its pre-halving rally.”

Two, “The approval of Bitcoin ETFs is bringing new capital into the market with constant buying orders every day which increases the demand for Bitcoin significantly,” reported Forbes.com, referring the U.S. Securities and Exchange Commission’s recent decision to “green light” several applications for spot-based bitcoin ETFs.

Some analysts say BTC could see $100,000 this year, including Rob Chang, CEO and director of Gryphon Digital Mining.

As noted by TheStreet.com: “Chang offered a bullish outlook for the cryptocurrency, predicting a significant surge in bitcoin’s value, potentially surpassing the $100,000 mark by year’s end. This optimistic forecast is rooted in historical patterns observed after previous bitcoin halving events, where typically, bitcoin’s value has seen a doubling within six months following the event. The fourth bitcoin halving is current scheduled for April 2024.”