Bitcoin A Tad Closer To $40,000 – Is $41K The Next Stop In A Few Days?
02 Dezember 2023 - 10:30AM
NEWSBTC
Maintaining its lofty position—the highest it has reached in the
last 18 months—Bitcoin is once again on the edge of a potential
price increase. With a notable 10% gain over the previous month and
more than a doubling of its value over the same period last year,
the markets valued Bitcoin (BTC) at over $38,600 on Friday morning.
The alpha coin’s supporters credit its strong success thus far to
the excitement around spot Bitcoin ETFs, like the one put up by
BlackRock, which might be approved at any time. Related Reading:
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2024 During European morning hours on Friday, Bitcoin almost
reached the coveted $40,000 mark, hitting $38,810 for the first
time since May 2022. Expectations of increasing institutional
demand have supported the increase, which is a continuation of a
solid multi-month run. Data from cryptocurrency market tracker
Coingecko indicates that the coin is up approximately 2% on the
day, and sustaining a 3% gain in the last seven days. Expert
Predictions For Bitcoin: What They Say Experts are becoming
increasingly fixated on the ETF, as approval of the product
approaches. An important piece of information comes directly from
Bloomberg analyst James Seyffart, who projects that the clearance
date would occur between January 5 and January 10, 2024. This
projection follows a string of purposefully extended deadlines,
indicating a concerted attempt by the SEC to accept several ETF
applications at the same time. Okay the window for potential spot
#Bitcoin ETF approval is looking like its gonna be between Jan 5
& Jan 10 2024. I spoke with @thomasg_grizzle &
@ScottW_Grizzle this morning and nailed this call.
https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH — James Seyffart
(@JSeyff) November 30, 2023 Seyffart’s analysis focuses on the
timelines for Hashdex and Franklin Templeton, suggesting that the
timeline to green light all 12 spot Bitcoin ETF applications may
coincide between January 5 and 10. The founder and chief market
strategist of NorthmanTrader, Sven Henrich, offered his predictions
for the present and future of the Bitcoin market. He examined
short-term forecasts, the structural soundness of the market, and
made comparisons with past market patterns. BTCUSD currently
trading at $38,806 on the daily chart: TradingView.com Henrich
projected a possible shift to between $41,000 and $43,000,
especially as the year came to a finish. He did, however, stress
the need for caution because of the cryptocurrency’s association
with more general market trends, particularly in the tech industry.
Mike Novogratz, a well-known businessman and cryptocurrency
advocate, expressed unrelenting optimism about the trajectory of
Bitcoin and attributed his positive perspective to the much
anticipated approval of a spot Bitcoin ETF. Related Reading: Shiba
Inu Ripple: Massive $300 Billion Transfer Sends Crypto Community
Into Speculation Is $41K The Next Stop For Bitcoin? Novogratz
thinks that Bitcoin’s value will go through the roof if big
financial entities like BlackRock and Fidelity start to use
it, which will cause its price to reach all-time highs. The bitcoin
community is growing increasingly optimistic that the price of the
cryptocurrency may rise to $41,000 in the next few days as it
approaches the $40,000 threshold. Because of the market’s
volatility, traders are constantly on the lookout for the next
move. It is unclear if Bitcoin will run into resistance or continue
on its current upward trend. By constantly observing price charts
and market indicators, investors prepare themselves for the
dynamics of the market as they develop. (This site’s content should
not be construed as investment advice. Investing involves risk.
When you invest, your capital is subject to risk). Featured image
from Shutterstock
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