The Bitcoin price continues rallying, suddenly surging past $64,000 on February 28th. This represents a 10%+ gain, marking a new 2024 high.

Analysts attribute Bitcoin's parabolic rise to anticipation surrounding the upcoming supply halving event. Halvings are typically followed by strong upside price action. Steady inflows into newly launched spot Bitcoin ETFs are also credited for the price boom.

However, some warn that high leverage across crypto markets could spark a correction. Despite this, options analysts remain bullish, believing the rally has further to go.

Bitcoin subsequently flash crashed to $58,700 after hitting $64,000, likely due to profit-taking sell walls. But it quickly rebounded nearly 5%.

With Bitcoin now less than 13% away from its record of $68,900, investors widely expect this milestone to be broken before May's halving. But volatility remains high, and analysts are split on whether $64,000 was the top.