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<p>Bitcoin (BTC) continued its <a href="https://tokenist.com/bitcoin-is-up-133-ytd-as-etf-hype-grows-price-hits-18-month-high/" rel="noopener noreferrer nofollow">impressive 2023 rally</a> on Monday, surging above the $41,000 mark for the first time in 18 months. The flagship cryptocurrency’s price has increased almost 19% in the past 30 days, propelled by growing convictions that the US regulators will soon approve a spot Bitcoin exchange-traded fund (ETF) and expectations of <a href="https://tokenist.com/three-stocks-that-can-rise-if-the-fed-starts-cutting-rates-in-2024/" rel="noopener noreferrer nofollow">possible rate cuts</a> in 2024.&nbsp;It recently crossed the $41,000 threshold, a level not seen since April 2022.</p>
<h3 id="bitcoin-touches-18-month-high-on-etf-hype">Bitcoin Touches 18-Month High on ETF Hype</h3>
<p>It’s been a stellar couple of weeks for Bitcoin. The world’s biggest cryptocurrency continues to trend upward rapidly, crossing the $41,000 mark for the first time since April 2022.&nbsp;</p>
<p>Over the past 24 hours, BTC’s price went up by nearly $2,000, or 4.2%, to $41,682. On a monthly basis, the cryptocurrency surged approximately 19%, adding over $135 billion to its market cap.</p>
<p>The latest upswing was driven by growing expectations that US regulators will soon greenlight a spot Bitcoin ETF. The Securities and Exchange Commission (SEC) is set to reveal its decision on this matter by January 10, and approval would allow the first-ever spot Bitcoin ETF to be launched in the US. The regulator has rejected such applications, but experts predict a different verdict this time due to a shifting regulatory mood.</p>
<p>In addition, the rally in Bitcoin and the broader crypto market has also been boosted by increasing investors’ bets that the Fed reached the end of its rate-hiking campaign and may begin cutting rates sometime next year. Fueled by <a href="https://tokenist.com/dollar-index-plummets-stocks-soar-as-inflation-cools-faster-than-expected/https://tokenist.com/dollar-index-plummets-stocks-soar-as-inflation-cools-faster-than-expected/" rel="noopener noreferrer nofollow">easing macroeconomic challenges</a>, such expectations increased investors’ appetite for riskier assets.</p>
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<h3 id="crypto-industry-executives-see-bitcoin-crossing-100-000-in-2024">Crypto Industry Executives See Bitcoin Crossing $100,000 in 2024</h3>
<p>Since the start of this year, Bitcoin surged more than 150%, <a href="https://www.cnbc.com/2023/12/04/bitcoin-price-at-100000-in-2024-crypto-execs-say-bull-run-has-begun.html" target="_blank" rel="noopener noreferrer nofollow">leading to speculations</a> among industry executives that the largest cryptocurrency might attain new peaks by the close of 2024.</p>
<blockquote class="wp-block-quote">
 <p>“It feels that [2023]was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25.”</p> <cite>– said Pascal Gauthier, CEO of Ledger. </cite>
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<p>One of the boldest calls out there is one by Standard Chartered, with the bank reiterating its previous price call that Bitcoin would surge to as high as $100,000 by the end of 2024. That price target is 140% higher than BTC’s current price, and the lender believes numerous ETF approvals will drive this unprecedented rally.&nbsp;</p>
<p>Crypto financial services firm Matrixport was even more bullish, predicting Bitcoin to hit over $63,000 by April 2024 and $125,000 by the end of next year.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“Based on our inflation model, the macro environment is expected to remain a robust tailwind for crypto. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts.”</p> <cite>– Matrixport wrote in its report. </cite>
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<p>The firm added that this and geopolitical crosscurrents should result in enough monetary support to push Bitcoin to new highs in 2024.&nbsp;</p>
<p><em><strong>Where do you expect Bitcoin to trade at the end of 2024? Do you think Standard Chartered and Matrixport’s predictions are attainable? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/btc-is-up-19-over-30-days-how-far-can-it-go-in-2024/">BTC is Up 19% Over 30 Days, How Far Can It Go in 2024?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

BTC is Up 19% Over 30 Days, How Far Can It Go in 2024?

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