‘The Bitcoin Bulls Are Back’ As Cryptocurrency Rallies 12% To Fresh 2-Year High

Bitcoin prices are rising once again, reaching their highest level since November 2021, as the digital currency benefits from multiple bullish factors.

Marc P. Bernegger, Co-Founder of Crypto Fund of Funds AltAlfa Digitalsummed this up nicely, stating via email that “Bitcoin bulls are back and the unprecedented combination of Bitcoin ETFs and the upcoming Bitcoin Halving attracts many additional inflows.”

He made this statement shortly after the world's most valuable cryptocurrency by total market value rose to $57,416.43 on CoinMarketCap.

At this point, the digital asset had risen approximately 12% in less than 24 hours, additional figures from CoinMarketCap reveal.

Several other market watchers weighed in and commented on the various factors that are putting upward pressure on bitcoin prices.

“The recent movement in Bitcoin price continues the trend seen since inflows to the Bitcoin Spot ETF began to exceed outflows to Grayscale,” Jacob Joseph, Research Analyst at CC datahe said via emailed comments, emphasizing the key role that funds granting exposure to cryptocurrency in digital asset markets are playing.

"Contributing to the positive market sentiment, recent developments include the largest day of trading volume for US Spot Bitcoin ETFs and MicroStrategy's acquisition of an additional 3,000 BTC, all of which have helped bring closer Bitcoin to its all-time high," he said, referencing the latest transactions made by the software company where prominent bitcoin bull Michael Saylor serves as CEO.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capitalalso intervened.

“The approval of the ETF and the upcoming halving have led to big, steady hands buying the asset. This has sparked historic demand for Bitcoin,” he wrote via email.

"Not only did Microstrategy reveal over $150 million in Bitcoin purchases, but industry rumors indicate that other large investors are also making purchases," DiPasquale added, referencing verbal statements made by other fund managers in the space.

"We expect even greater growth from Bitcoin this year, as well as other major crypto assets," he concluded.

Julio Moreno, head of research at CryptoQuantumemphasized similar factors, stating that major US investors are one of the main reasons behind the digital currency's recent gains.

"We can see on-chain continuous purchases of Bitcoin by large entities (balance of more than 1,000 Bitcoin)," he said via Telegram.

"Furthermore, an extremely large price premium on the Coinbase exchange suggests increased demand from US investors," Moreno added.

Marouane Garcon, co-founder of the perpetual futures market called Real world asset exchangeshed some light on the matter, citing countless variables that help drive up the price of bitcoin.

There are "so many factors," he said via emailed comments, highlighting the approval of a spot "Bitcoin ETF" and the recent news that "Blackrock's BTC holdings surpassed $7 billion."

“You see South Korea and other countries that are open to listing BTC spot and futures ETFs. RIA holders offering BTC ETFs to their clients,” he added.

"We're still in the early stages, but you can see the narrative changing every day when you look at the financial news," Garcon said.

“Even BTC mining is profitable again. Not to mention the upcoming halving, which is historically positive even for the BTC price.”

Disclosure: I have some bitcoins, bitcoin cash, litecoin, ether, EOS and sol.