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Bitcoin Steady Over $52K;Traders Target $55K in Short-Term

In Business
February 19, 2024
  • Bitcoin remained steady, while ether gained over 5% as investors bet on an ETH ETF in the coming months.

  • AI-related tokens zoomed in as the launch of OpenAI’s Sora sparked renewed hopes for the sector’s growth.

Bitcoin {{BTC}} prices remained little changed over the weekend, hovering around the $52,000 level on relatively lower trading volumes compared to the weekdays.

The price action was in line with a recent trend of low volatility over the weekends following the issuance of spot bitcoin exchange-traded funds (ETFs) in the U.S. in January, which seemingly changed the market structure for bitcoin trading.

However, other major tokens, such as ether {{ETH}} and Polygon’s MATIC, recorded higher gains, rising more than 5% since Friday. Ether likely gained as expectations of an ether ETF product offering the asset to U.S. investors bumped up – a narrative that has boosted the Ethereum ecosystem in recent weeks. Meanwhile, the CoinDesk 20 Index (CD20), a benchmark for the biggest and the most liquid cryptocurrencies, rose 2.68% in the past 24 hours.

Artificial intelligence (AI)-related tokens, such as Worldcoin’s WLD, Fetch AI’s FET, Bittensor’s TAO, and Sleepless AI’s AI, jumped as much as 10% as technology firm OpenAI revealed its text-to-video generator Sora, sparking a run in the AI sector.

Meanwhile, some market observers are targeting a short-term level of $55,000 for bitcoin, with a long-term call of $70,000.

“Bitcoin is nearing its peak and will likely be pushing for $55,000 in the coming weeks,” Ed Hindi, Chief Investment Officer at Tyr Capital, told CoinDesk in an email. “In 2024, we expect bitcoin to rally to its all-time highs, reaching the $70,000 mark early this year.”

However, Hindi added that ether will likely see much hype for its potentially larger upside and investment opportunities in the coming months.

“The real hype will be around Ethereum. With the potential introduction of an Ether spot-ETF in the U.S., in tandem with the increased global appetite for DeFi – $5,000 for ETH in 2024 could very well be a realistic objective,” he added.

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