$40K Bitcoin Price is 19 Months in the Making
Bitcoin Price has recently reached a 19-month high, surpassing the $40,000 mark, marking its highest level since April 2022, according to CoinGecko data. Hitting the $40K mark for Bitcoin is significant news among cryptocurrency enthusiasts expecting another bull run before the start of 2024.
This increase of around 2% in 24 hours signifies another milestone for the cryptocurrency that started all the financial revolutions worldwide.
Furthermore, this marks a new yearly high for Bitcoin, which has seen a remarkable 140% increase in its value since the beginning of the year.
However, it’s worth noting that Bitcoin’s price is still down by approximately 42% from its all-time high of over $69,000, which it reached on November 10, 2021.
In the past 24 hours alone, $19 billion in trading volume was recorded, showcasing the intense activity surrounding the Bitcoin blockchain for the past few hours.
Bitcoin Price Prediction
Matrixport’s head of research, Markus Thielen, has made predictions regarding Bitcoin’s future performance.
He anticipates that Bitcoin will exceed $60,000 by April of the following year and reach $125,000 by the end of 2024.
Thielen’s analysis is based on historical trends, noting that previous crypto bear markets were followed by three-year bull cycles.
He particularly highlights the significance of Bitcoin’s upcoming halving, scheduled for mid-April 2024, which historically led to price increases of approximately 200%.
ETF Speculations Affecting Bitcoin Price
The Bitcoin price surge coincides with speculation about approving a spot Bitcoin exchange-traded fund (ETF) in the United States.
Standard Chartered has predicted that Bitcoin could reach six figures by the end of next year due to the expected introduction of spot ETFs in the U.S. Currently, there are 13 applicants for a spot Bitcoin ETF, including notable names like BlackRock and Grayscale.
Bloomberg ETF analysts believe there is a 90% chance that all pending ETF applications will be approved simultaneously by January 10.
Bitcoin Halving Countdown
Adding to the optimistic sentiment in the market is the expectation of Bitcoin’s upcoming halving event, which is scheduled to occur in 141 days. Historically, these halving events, where the rate of new Bitcoin creation is reduced, have preceded substantial price surges.
This forthcoming halving is increasingly seen as a driving force behind sustained growth and the long-term appreciation of Bitcoin’s value.
Despite the SEC’s cautious approach to approving a spot Bitcoin ETF, these recent developments, combined with heightened trading activity and the impending halving, suggest that the crypto market is on the verge of a transformative period.
As the global financial industry observes closely, Bitcoin’s recent surge above $40,000 could begin a new phase in the cryptocurrency’s narrative.
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