The price of Bitcoin recently surpassed $39,000, reaching levels not seen since April 2022, marking a positive development after breaking through resistance at $38,800. According to some analysts, we can expect the king of cryptocurrencies to cross $45,000 before the end of the year, followed by spot Bitcoin ETFs and the famous halving.
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Bitcoin at $45,000 before the end of the year?
The price of Bitcoin exceeded $39,000 yesterday, Saturday, December 2nd. a point he had not touched on since April 2022shortly before the demise of the Terra ecosystem (LUNA) and the crypto market as a whole.
After encountering the famous resistance at $38,800, BTC finally managed to overcome it. and even managed to reach the $39,800 mark during the day today. The latter then fell slightly and is trading at around $38,500 at the time of writing.
Bitcoin price development from November 29th to today
According to a report from Matrixport, we can expect this The price of Bitcoin has now exceeded $40,000on the one hand, carried away by the positive news surrounding the narrative of spot Bitcoin ETFs and on the other hand, due to the recent agreement reached between the giant Binance and the United States Department of Justice (DOJ), This will lift the Sword of Damocles that has been hanging over the crypto exchange for many years.
👉 How to buy Bitcoin in 2023? Let us guide you step by step
According to the report published on November 29, BTC's price was expected to exceed $38,000 before the end of the month of its release, “followed by a rally above $40,000 in December with a 90% probability.”
“As we enter the last month of the year, we remain optimistic. Historically, Bitcoin tends to rise +12% in December, which is consistent with our target of $45,000 for Bitcoin by the end of 2023, which now seems likely. »
According to Coinglass data About $145 million was liquidated in the last 24 hoursThe majority consisted of short positions that were liquidated when Bitcoin price exceeded $38,800.
Liquidations in the crypto market from November 30 to today
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The bull run for the first half of 2024?
We will most likely have to wait until January 8, 2024 to determine with greater certainty whether the next bull market will occur in the first half of next year. In fact, as Bloomberg Intelligence analyst James Seyffart recently revealed, the Securities and Exchange Commission (SEC) will make a final decision on the Ark Invest & 21 Shares spot Bitcoin ETF request between January 8th and 10th.
Bloomberg specialist estimates 90% chance that a number of spot Bitcoin ETFs will be approved at this pointafter the SEC began what appeared to be a constructive dialogue with BlackRock, Grayscale and Hashdex, among others, to propose changes to their ETF applications.
Bitcoin's recent price increases have shown us the extent to which the cryptocurrency market has become aligned with this narrative, which was particularly confirmed when Grayscale (which also holds 3% of Bitcoin currently in circulation) won a lawsuit against the SEC over converting its GBTC into a spot Bitcoin ETF.
👉 Read our article to learn all about Bitcoin ETFs
Once this first stage of ETF approvals is passed, We have to wait until next April for the halvinga quadrennial event that was systematically followed by an increase in the price of Bitcoin.
Will the price of #Bitcoin be positively impacted by the next halving scheduled for April 2024? ⛏️
The following curves represent the evolution of the price of $BTC after the three previous halvings 💸
+ Info in our article 👇https://t.co/rpxCSXfz7L pic.twitter.com/zWOICokskr
– Cryptoast (@CryptoastMedia) December 3, 2023
In a recent interview with Bloomberg, Michael Novogratz, the CEO and founder of Galaxy Digital, said that the approval of Bitcoin ETFs in 2024 would raise tens of billions of dollars. The price of Bitcoin should at least return to its highest ever price next year, just over $69,000.
Cryptoast Research: Stay one step ahead of the crypto market
Sources: TradingView, Matrixport
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I'm passionate about the world of decentralized finance and the new developments that Web 3.0 brings, and write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilian Prue
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