Bitcoin's price surpassed the $52,000 mark in the past 24 hours, indicating that the market is entering conditions indicative of a pre-halving rally, according to an analyst.

"The current market movement aligns with a pre-halving rally, a trend observed in previous bitcoin cycles," Bitfinex Head of Derivatives Jag Kooner said in an email sent to The Block.

Kooner added that historically, these rallies have commenced approximately eight weeks prior to the halving event.

"This rally has the potential to push prices beyond previous cycle highs, as notably, the past week marked bitcoin's re-emergence as a trillion-dollar asset, largely driven by spot bitcoin ETF inflows," the Bitfinex analyst said.

GBTC-based sell pressure diminishing

Kooner added that diminishing selling pressure …