In a stunning surge on February 28, 2024, Bitcoin's value soared over 10%, reaching a new yearly peak of $64,000. This remarkable increase marks a 50% price jump within the month, primarily fueled by the crypto community's excitement over the forthcoming supply halving event. Historically, such events have led to significant bullish momentum in Bitcoin's market value.

The introduction of spot Bitcoin exchange-traded funds (ETFs) has also been pivotal in the cryptocurrency's latest price movements, drawing steady investment inflows and bolstering market confidence.

Despite the optimistic trend, some market analysts caution about the potential risks ahead. They highlight the current market's heavy reliance on leverage, as indicated by high funding rates, which could precipitate a sharp correction if a mass liquidation occurs.

Contrastingly, options market experts remain bullish, suggesting that the current rally is not only sustainable but has room to grow. They point to a mix of derivative market activities and solid spot market demand, propelled by record ETF inflows, as key drivers of the recent price surge.

Analyst Chris Newhouse emphasizes the rally's robust foundation, supported by significant volume, market demand, and momentum trading, especially after Bitcoin breached the $53K mark. Furthermore, independent analyst Nunya Bizniz points out that Bitcoin's technical indicators, such as the Relative Strength Index (RSI) being above 70, historically signal prolonged uptrends.

However, the journey to new heights is not without its hurdles. Bitcoin experienced a swift drop to $58,700 shortly after hitting the $64,000 milestone, likely due to a significant sell-off and the liquidation of overstretched positions. Despite this, Bitcoin has shown resilience, quickly regaining much of the lost ground.

With the all-time high of $68,900 within reach and the supply halving event just around the corner, both retail and institutional investors are keenly watching, hopeful yet cautious about Bitcoin's next move.