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<p>The Bitcoin (BTC) price has <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">reached</a> an 18-month high, with its price climbing to $38,707 after recording a 2.5% gain. &nbsp;</p>
<p>This recent spike in the cryptocurrency's value is attributed to several key factors, including the optimistic views of influential investors and changing economic conditions.</p><a href="https://www.tradingview.com/chart/yAgtHh3T/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow"><img data-entity-uuid="72c99053-ef8f-4125-8922-fd2e0395c44a" data-entity-type="file" src="https://u.today/sites/default/files/inline-images/2342342323222.png" alt="BTC/USD chart by TradingView"></a>
<h2 id="institutional-demand-is-almost-here">Institutional demand is (almost) here&nbsp;</h2>
<p>The flagship cryptocurrency is now up by more than 130% on the year-to-date basis. Prominent billionaire and crypto enthusiast <a href="https://u.today/bitcoin-btc-bull-mike-novogratz-bad-actors-are-out" rel="noopener noreferrer nofollow">Mike Novogratz</a> remains bullish about Bitcoin's future. One of the main catalysts he identifies is the anticipated approval of a spot Bitcoin ETF.&nbsp;</p>
<p>He believes that if major financial institutions like BlackRock and Fidelity increase Bitcoin adoption, the cryptocurrency's price could soar significantly higher.&nbsp;</p>
<p>Novogratz's optimism is shared by many in the crypto community who see institutional adoption as a crucial step towards mainstream acceptance of Bitcoin.</p>
<h2 id="economic-factors-at-play">Economic factors at play</h2>
<p>Another significant factor influencing Bitcoin's rise is the shifting economic landscape, particularly in the US.&nbsp;</p>
<p>Bond investors are increasingly anticipating <a href="https://u.today/crypto-rival-service-launched-by-federal-reserve-details" rel="noopener noreferrer nofollow">Federal Reserve</a> interest rate cuts by the first half of 2024, in response to signs of slowing U.S. economic growth and easing inflation.&nbsp;</p>
<p>The Federal Reserve is expected to cut interest rates six times in 2024, as predicted by ING Economics. This forecast is based on moderating inflation, a cooling job market, and a deteriorating outlook for consumer spending.&nbsp;</p>
<p>The prospect of lower interest rates tends to enhance the appeal of non-interest-bearing assets like Bitcoin, contributing to its recent price surge.</p>

Key Reasons Why Bitcoin (BTC) Price Has Just Hit New 2023 Peak

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