Bitcoin A Tad Closer To $40,000

Maintaining its lofty position—the highest it has reached in the last 18 months—Bitcoin is once again on the edge of a potential price increase.

With a notable 10% gain over the previous month and more than a doubling of its value over the same period last year, the markets valued Bitcoin (BTC) at over $38,600 on Friday morning.

The alpha coin’s supporters credit its strong success thus far to the excitement around spot Bitcoin ETFs, like the one put up by BlackRock, which might be approved at any time.

During European morning hours on Friday, Bitcoin almost reached the coveted $40,000 mark, hitting $38,810 for the first time since May 2022. Expectations of increasing institutional demand have supported the increase, which is a continuation of a solid multi-month run.

Data from cryptocurrency market tracker Coingecko indicates that the coin is up approximately 2% on the day, and sustaining a 3% gain in the last seven days.

Expert Predictions For Bitcoin: What They Say

Experts are becoming increasingly fixated on the ETF, as approval of the product approaches. An important piece of information comes directly from Bloomberg analyst James Seyffart, who projects that the clearance date would occur between January 5 and January 10, 2024.

This projection follows a string of purposefully extended deadlines, indicating a concerted attempt by the SEC to accept several ETF applications at the same time.

Seyffart’s analysis focuses on the timelines for Hashdex and Franklin Templeton, suggesting that the timeline to green light all 12 spot Bitcoin ETF applications may coincide between January 5 and 10.

The founder and chief market strategist of NorthmanTrader, Sven Henrich, offered his predictions for the present and future of the Bitcoin market. He examined short-term forecasts, the structural soundness of the market, and made comparisons with past market patterns.

BTCUSD currently trading at $38,806 on the daily chart:

Henrich projected a possible shift to between $41,000 and $43,000, especially as the year came to a finish. He did, however, stress the need for caution because of the cryptocurrency’s association with more general market trends, particularly in the tech industry.

Mike Novogratz, a well-known businessman and cryptocurrency advocate, expressed unrelenting optimism about the trajectory of Bitcoin and attributed his positive perspective to the much anticipated approval of a spot Bitcoin ETF.

Is $41K The Next Stop For Bitcoin?

Novogratz thinks that Bitcoin’s value will go through the roof if big financial entities like BlackRock and Fidelity start to use it, which will cause its price to reach all-time highs.

The bitcoin community is growing increasingly optimistic that the price of the cryptocurrency may rise to $41,000 in the next few days as it approaches the $40,000 threshold. Because of the market’s volatility, traders are constantly on the lookout for the next move.

It is unclear if Bitcoin will run into resistance or continue on its current upward trend. By constantly observing price charts and market indicators, investors prepare themselves for the dynamics of the market as they develop.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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