As long as you are staying above freezing (and will continue to be above freezing long tern) you can unwrap it now. All you will have to do is wrap it again if freezing weather occurs. Nothing will happen if it starts to grow and dies back again as long as the trunk remains firm. My experience with cavendish shows that it pretty much refuses to grow in cold temperatures, but will grow very very well as soon as 70s come back and nights stay out of the 40s). If nights go below 45F its not going to grow much unless followed by mid 70s and sun during the day.
If a hard freeze comes and you lose the trunk you will have to start from the roots if your lucky, so when you see a frost in your forecast its time to cover it again.

Good luck!

Thankyou Tropicalzone7

This year is also an ElNino effect year which means it will be warmer and weeter than the avg. year. Will my banana tree have no chance of fruiting if it is exposed to a freeze. would it be worth the risk to unwrap it soon?