Bitcoin (BTC) has surged above $40,000, reaching its highest level in 19 months. BTC experienced a 3.72% increase over the past day to trade at $40,766, according to CoinMarketCap data.
Bitcoin (BTC) has surged above $40,000, reaching its highest level in 19 months. BTC experienced a 3.72% increase over the past day to trade at $40,766, according to CoinMarketCap data.
This represents a new year-to-date high for Bitcoin, which gained over 140% since the beginning of the year. However, it is important to note that Bitcoin is still down approximately 42% from its all-time high of over $69,000 recorded on November 10, 2021.
In a recent note, Markus Thielen, the research head at Matrixport, made bullish predictions for Bitcoin. Thielen projected that Bitcoin would surpass $60,000 by April 2024 and reach an impressive $125,000 by the end of next year. He based his analysis on historical trends, highlighting the positive impact of Bitcoin mining reward halvings on prices. The next halving is expected to occur in mid-April 2024.
The surge in Bitcoin's price coincides with speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Standard Chartered predicted that Bitcoin could reach six figures by the end of next year, driven by the anticipated introduction of spot ETFs in the US market.
Several entities, including BlackRock and Grayscale, have submitted applications for spot Bitcoin ETFs, with approval decisions pending from the Securities and Exchange Commission. Bloomberg ETF analysts estimate a high likelihood of simultaneous approval for all pending ETF applications by January 10.
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