Jerome Powell

Bitcoin ETF

Bitcoin

Arthur

Shiba Inu

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/bitcoin-86-1-e1701671123539.jpg" class="attachment-full size-full wp-post-image" alt="A Christmas Rally And Other Major Factors Tailwind Bitcoin Price To New ATH" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p>Bitcoin price has rallied nearly 70% in two months as bulls strongly push prices above key support levels, making the YTD rally to 175%. Traders are now anticipating another upside move and closing this year near $50,000 as BTC price is now down 39%. Santa Claus Rally and other major factors confirm that Bitcoin and the crypto market will reach a new all-time high (ATH) in a few months. A Christmas Rally And Other Major Factors Set Bitcoin Price ATH</p> 
<h2 id="bitcoin-price-set-for-new-ath">Bitcoin Price Set For New ATH</h2> 
<h3 id="fed-plans-three-rate-cuts-in-2024">Fed Plans Three Rate Cuts in 2024</h3> 
<p>Firstly, Traders, retail investors and institutional investors are now confident about their next move as the <strong>U.S. Federal Reserve</strong> kept interest rates unchanged in the <a href="https://coingape.com/bitcoin-rebounds-above-42k-as-fed-keeps-rates-steady/" target="_blank" rel="noopener">FOMC meeting</a>. Fed Chair Jerome Powell announced the intention for three rate cuts in 2024, as inflation cools gradually towards the 2% target.</p> 
<p>Crypto expert and BitMEX co-founder <strong>Arthur Hayes</strong> suggests there is no excuse not to be <a href="https://coingape.com/bitmex-founder-arthur-hayes-predicts-impending-btc-price-rally/" target="_blank" rel="noopener">long on crypto</a>. He reiterates that Bitcoin price will hit $1 million and cited a Bloomberg report on traders going all in response to the monetary policy pivot in 2024.</p> 
<p>“How many more times must they tell you that the fiat in your pocket is a filthy piece of trash. Believe in the Lord, and he shall set you free,” said Arthur Hayes.</p> 
<h3 id="us-treasury-yield-and-dollar-fell">US Treasury Yield and Dollar Fell</h3> 
<p>Secondly, 10-year US Treasuries yield fell below 4% for the first time since August, renewing the bullish sentiment. Moreover, the US dollar index (<a rel="nofollow" href="https://www.marketwatch.com/investing/index/dxy" target="_blank">DXY</a>) fell to 102.28 as the central bank turns dovish despite inflation still above the 2% target.</p> 
<p>Bitcoin price moves in opposite direction to US Treasuries yield and US dollar. Thus, the sentiment for $50k remains higher.</p> 
<p><img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GBRV0FHbwAAXaXT?format=jpg&amp;name=4096x4096" alt="Image" width="732" height="482"></p> 
<h3 id="bitcoin-halving-and-coinbase-premium-gap">Bitcoin Halving and Coinbase Premium Gap</h3> 
<p>Bitcoin halving is now just few months away and investors are bullish enough to take every buy-the-dip opportunity. According to the <strong>NiceHash</strong> countdown, the Bitcoin halving is estimated to happen on April 12, 2024. The mining reward will be reduced to 3.125 BTC. Matrixport Research predicted <a href="https://coingape.com/btc-price-to-hit-60000-before-bitcoin-halving-matrixport/" target="_blank" rel="noopener">BTC price hitting $60,000</a> before Bitcoin halving.</p> 
<p><strong>On-chain data</strong> is bullish and crypto exchange volumes are also rising. Bitcoin Coinbase Premium Index indicates strong buying pressure on Coinbase. Also, <a href="https://coingape.com/bitcoin-open-interest-rises-on-binance-coinbase-ahead-fomc/" target="_blank" rel="noopener">Bitcoin open interest</a> (OI) on top derivatives exchanges CME and Binance are rising again. Traders are going long on cryptocurrencies. However, traders can expect volatility in the coming days.</p> 
<p><img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GBSzmEGXcAA3-XO?format=jpg&amp;name=4096x4096" alt="Image" width="689" height="434"></p> 
<h3 id="spot-bitcoin-etf-hype-and-institutional-buying">Spot Bitcoin ETF Hype And Institutional Buying</h3> 
<p>There’s high anticipation of Spot Bitcoin ETF approval by the US SEC in January as the deadline nears. Moreover, rising digital asset inflows confirm a massive buying by institutional investors, assuring an upcoming rally in Bitcoin price.</p> 
<p>The crypto market could also see improving regulatory clarity, lawsuits and other conflict will fade gradually. The SEC Chair <a href="https://coingape.com/gensler-recent-court-rulings-drive-secs-new-look-at-bitcoin-etfs/" target="_blank" rel="noopener">Gary Gensler revealed</a> that they are in talks with Bitcoin ETF issuers.</p> 
<p><strong>Also Read:</strong></p> 
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 <li><a title="Ripple CTO &amp; XRP Lawyer Red Flag SEC Gary Gensler ‘Crypto Asset Security’ Propaganda" href="https://coingape.com/ripple-cto-xrp-lawyer-red-flag-sec-gary-gensler-crypto-asset-security-propaganda/" target="_blank" rel="bookmark noopener">Ripple CTO &amp; XRP Lawyer Red Flag SEC Gary Gensler ‘Crypto Asset Security’ Propaganda</a></li> 
 <li><a title="Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out &amp; BONK Price Rally" href="https://coingape.com/solana-flips-ethereum-dex-volume-as-saga-mobile-gets-sold-out-bonk-price-rally/" target="_blank" rel="bookmark noopener">Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out &amp; BONK Price Rally</a></li> 
 <li><a title="Breaking: US SEC To Inspect Binance.US Technical Infrastructure, Systems And Software" href="https://coingape.com/breaking-us-sec-to-inspect-binance-us-technical-infrastructure-systems-and-software/" target="_blank" rel="bookmark noopener">US SEC To Inspect Binance.US Technical Infrastructure, Systems And Software</a></li> 
</ul> 
<p>The post <a href="https://coingape.com/major-factors-confirming-ath-for-bitcoin-price-and-crypto-market/">A Christmas Rally And Other Major Factors Tailwind Bitcoin Price To New ATH</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

A Christmas Rally And Other Major Factors Tailwind Bitcoin Price To New ATH

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