Bitcoin traded at 96,985 against the U.S. dollar on Thursday, February 20th, marking an increase of 341 or 0.35% from the previous trading session.
Bitcoin slightly up against US dollar
The cryptocurrency continues to experience strong upward momentum, reflecting sustained investor demand and growing institutional interest.
Looking back, Bitcoin has gained 8.50% over the past four weeks, demonstrating resilience despite broader market fluctuations. Over the last 12 months, its price has surged by an impressive 88.70%, driven by factors such as increasing mainstream adoption, expectations of upcoming regulatory clarity, and anticipation surrounding Bitcoin's next halving event scheduled for April 2024, which historically has been a bullish catalyst for prices.
Bitcoin to remain below 100,000 this quarter
Looking ahead, analysts and macroeconomic models from Trading Economics forecast Bitcoin to reach 97,095 by the end of this quarter. However, over a longer time horizon, expectations remain mixed, with projections suggesting a potential pullback to 84,644 within a year. This forecast considers various factors, including potential shifts in U.S. monetary policy, evolving institutional participation, and broader macroeconomic conditions that could impact risk asset performance.
Meanwhile, the cryptocurrency market remains highly volatile, with sentiment fluctuating in response to factors such as Federal Reserve interest rate decisions, regulatory developments, and demand for Bitcoin ETFs. Despite these uncertainties, Bitcoin's strong historical performance continues to reinforce its position as a key asset in the digital economy.
