Bitcoin price breached $59,000 earlier on Feb. 28, reaching a new two-year high of $59,485 and only down by 13% from its all-time high (ATH) of $68,789. As BTC’s price nears its all-time-high price in terms of dollar value, it has already broken ATH records against multiple fiat currencies.

Bitcoin price chart. Source: Cointelegraph

Over the past few days, BTC has hit ATH’s price against the Japanese y en , Malaysian ringgit , Indian rupee, Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone and Turkish lira.

#Bitcoin just hit ATH in South Korea pic.twitter.com/0gTFi1sawN

— Vivek⚡️ (@Vivek4real_) February 28, 2024

The new BTC ATH against these currencies indicates a declining market value for the fiat currencies due to rising inflation. The buying power of a currency decreases with time, and this phenomenon is called inflation.

According to market analysts, Bitcoin has entered the price discovery mode after breaching the critical resistance of $57,000. With Bitcoin halving just 49 days away, the bullish momentum for Bitcoin could help it grow to new highs post-halving, as observed historically.

Flip this resistance and #Bitcoin will enter price discovery pic.twitter.com/1oktxNWPlQ

— Tony "The Bull" (@tonythebullBTC) February 27, 2024

Bitcoin price has seen at least 270% surge after each halving event; the price of Bitcoin before 2012’s halving was $12, and one year later, it jumped to $964. Similarly, BTC’s price before the 2016 halving was $663; a year later, it jumped to $2,500. Again, in 2020, Bitcoin price before the halving date was $8,500, and within a year, it rose to $68,783.

Each bull cycle has a driving factor behind it; in 2017, the retail sector carried the BTC price to $17,000, while institutional influx helped BTC rise to $69,000 in 2021. In 2024, market analysts suggest that institutional players are moving the current market, evident from the exchange-traded fund (ETF) daily net inflows.

Bitcoin ETFs have seen nearly half a billion inflows daily, while the new BTC being added to the market is nearly one-tenth of the current spot Bitcoin ETF demand. Analysts believe the significant institutional demand amid limited supply, which will be cut in half in the next 50 days, will prove to be a catalyst for BTC price post-halving.

Bitcoin price is trading at $59,400, up by 5% in the past 24 hours.