Bitcoin, currently at its highest point in the past 18 months, is poised for a major price surge.
Bitcoin (BTC) had a significant 10% increase compared to the previous month and its value more than doubled compared to the same period last year. As a result, on Friday morning, the market valued Bitcoin at over $38,600.
The alpha coin's proponents attribute its significant achievements thus far to the enthusiasm around spot Bitcoin ETFs, such as the one proposed by BlackRock, which might receive approval imminently.
Bitcoin came close to reaching the highly desired $40,000 milestone during the early hours in Europe on Friday, reaching a peak of $38,810, which is the highest value since May 2022. The rise in value is being driven by the anticipation of growing demand from institutions, and this upward trend has been consistent over several months.
According to data from cryptocurrency market tracker Coingecko, the coin has had a 2% increase in value today and has maintained a 3% rise over the past seven days.
Bitcoin: Expert Forecasts
As the clearance of the ETF draws near, experts are growing more focused on it. Bloomberg analyst James Seyffart predicts that the approval date will fall between the timeframe of January 5 to January 10, 2024.
The SEC's decision to accept many ETF applications simultaneously is evident from the consecutive and deliberate extension of deadlines leading up to this forecast.
Seyffart's study centers on the dates for Hashdex and Franklin Templeton, indicating that the approval process for all 12 spot Bitcoin ETF applications may align between January 5 and 10.
Sven Henrich, the founder and chief market strategist of NorthmanTrader, provided his forecasts for the current and future state of the Bitcoin market. He conducted an analysis of short-term predictions, evaluated the market's structural integrity, and drew analogies to historical market trends.
The current price of BTCUSD on the daily chart is $38,806 according to TradingView.com.
Henrich forecasted a potential transition to a range of $41,000 to $43,000, particularly as the year neared its end. Nevertheless, he emphasized the importance of being cautious due to the cryptocurrency's correlation with broader market patterns, especially in the technology sector.
Mike Novogratz, a prominent entrepreneur and supporter for cryptocurrencies, voiced unwavering confidence over the future of Bitcoin. He ascribed his bullish outlook to the highly anticipated approval of a spot Bitcoin ETF.
Will Bitcoin reach $41,000 next?
Novogratz believes that the adoption of Bitcoin by major financial institutions such as BlackRock and Fidelity would significantly increase its value, leading to record-breaking price levels.
There is a rising sense of optimism within the bitcoin community that the cryptocurrency's price may reach $41,000 in the coming days, as it nears the $40,000 mark. Due to the market's instability, traders are continuously vigilant for the subsequent maneuver.
The future trajectory of Bitcoin is uncertain, since it is uncertain if it will encounter resistance or sustain its present upward momentum. Through continuous monitoring of price charts and market indicators, investors equip themselves with the necessary knowledge to anticipate and adapt to market dynamics as they unfold.
