A bullish market closes the year with Bitcoin hitting $41,000 for the first time since April 2022 Monday morning.
On Monday, Bitcoin price surged from under $39,500 to reach above $41,000, hitting a 19-month high based on Coinmarketcap data.
Since the start of the year, Bitcoin price has increased 150%. In spite of this, it is still down around 42% from the all-time high of over $69,000 reached in November 2021.
A protracted bear market began when the price of the world’s largest and oldest crypto fell below $40,000 in April 2022. A spot Bitcoin exchange-traded fund (ETF) has been approved by the United States, which has boosted the market in recent months.
In light of Binance’s recent settlement with the United States Department of Justice, this recent upward trend in bitcoin price is reflective of a bullish market sentiment fueled by the anticipated approval of ETFs as well as the possibility of regulatory advancements. Another bullish indicator will be the Bitcoin halving event in April 2024, which occurs once every four years.
In December, what is likely to happen to Bitcoin’s price?
In December, analysts don’t see Bitcoin losing steam. The inflows to existing Bitcoin futures ETFs have accelerated in recent days, according to James Edwards, a cryptocurrency analyst at Finder.
Until either charts or an ETF approval confirms prices, I expect prices to remain flat.”
Crypto lawyer Joe Carlasare predicted there was little chance of a serious Bitcoin correction before the ETF was approved in an X (Twitter) post.
“Why would a big seller show up when we are weeks away from likely approval? ” said Carlasare.
In 2024, will it be $60,000?
A highly anticipated approval window is expected to open between January 5 and 10, 2024. The mainstream focus on cryptocurrencies may return if a large Bitcoin ETF approval is granted.
The Securities and Exchange Commission (SEC) is expected to make a decision soon on 13 bidders, including industry giants like Blackrock and Grayscale. Bloomberg’s ETF analysts predict that all pending bids will be approved by January 10, marking not only the beginning of a new era of institutional investment and participation in Bitcoin, but also the likely rise of the Bitcoin price.
“It’s very likely we are on the eve of a Bitcoin spot ETF. The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolios. When it launched, gold went on to an 8-year rally with no single down year between 2005 – 2012.”
By April 2023, Bitcoin will undergo its iconic halving. An even brighter future usually follows the event. Based on these projections, Bitcoin could reach over $60,000 by April next year and $125,000 by 2024.
Global factors and ETF anticipation send Bitcoin rocketing past $40,000
As of April 2022, bitcoin had not surpassed $40,000. In addition to growing optimism about Bitcoin ETFs, this strong rise is being driven by a number of factors.
A brief climb to $43,000 was followed by a drop to $41,600 as the cryptocurrency’s value rose by over 5.5%. In the last two years, crypto funds have seen the largest inflow of funds since the approval of a Bitcoin ETF, a development that has led to increased excitement surrounding the approval.
Bitcoin ETF approval is the primary driver of this surge. Crypto funds have seen their largest inflow in two years owing to this anticipation.
Investing in Bitcoin might be increased if Bitcoin ETFs are approved.
Bitcoin’s upward momentum was bolstered by Binance’s record settlement. Since Binance’s issues have been resolved, the crypto market has been instilled with confidence, resulting in a price rise for Bitcoin.
Bitcoin’s rise has also been influenced by the recent election of Argentine President Javier Milei. Argentine Bitcoin prices have risen substantially as a result of Milei’s victory, which illustrates how political developments affect cryptocurrency markets more broadly.
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