Continuing its all-round rally, Bitcoin (BTC) price just crossed $43,000, setting a new yearly high. At the time of writing, market data shows that Bitcoin is currently changing hands at $44,058.37up 4.5% in the last 24 hours.
With the current market outlook, Bitcoin has now extended its weekly gains to 14.35%. The key question now remains whether the ongoing rise is temporary, potentially triggering a reversal or the start of the mega-rally that the fourth quarter is historically known for.
Bitcoin (BTC) price and the $50,000 dream
Bitcoin started the year with a price below $16,000 and a lot of uncertainty. While the coin started the year with a lot of regulatory uncertainty, the outlook soon changed when American investment management giant BlackRock inflamed the rhetoric surrounding the Bitcoin Exchange Traded Fund (ETF) application.
As BlackRock's application threw its weight behind the emerging asset, other firms whose previous applications were rejected soon resubmitted their applications. The story got even more twisted when Grayscale Investments secured victory in the legal dispute with the US Securities and Exchange Commission (SEC) over the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
These positive trends surrounding the Bitcoin ETF pushed the price of Bitcoin to over $31,000 by mid-year and the digital currency has been on a consistent upward trend ever since. Even though critics were negative about the coin's growth potential, market enthusiasm grew even more when companies like MicroStrategy caused a stir with their steady Bitcoin acquisitions.
Now, the sentiments that brought Bitcoin here are intensifying and therefore there is a possibility that the price of Bitcoin (BTC) breaks the $50,000 resistance point.
Top catalyst to unleash Bitcoin
While Bitcoin (BTC) is sufficiently hyped by all accounts, the expectation that the highly anticipated spot ETF product will be approved is likely to further drive the hype to new levels.
Experts have predicted that BTC ETF approval is imminent and if officially confirmed, it will bring in more than $100 billion worth of institutional funds, a development that will have a positive impact on the price of the cryptocurrency.
An approved Bitcoin ETF is expected to help usher in the bull market cycle and help investors return to the crypto world's past glory days.
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