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Given the recent upward momentum in Bitcoin (BTC) price, analysts predict it might reach $100,000 by early 2024. That’s about 127% from its current value of $44,000. BTC hitting this level will generally trigger massive buying pressure for altcoins.
But what is really driving the optimism in the cryptocurrency market besides the upcoming Bitcoin halving?
Bitcoin Bounces Back – Eyes on 2024 ETF Approval
According to some analysts, this recent pump in the market is due to people’s anticipation of an imminent Bitcoin ETF approval. Many market players think that a Bitcoin exchange-traded fund (ETF) might get a green light by early next year.
For instance, a popular crypto trader and analyst, Altcoin Daily, talked to its 1.4 million followers via X platform. The trader discussed what might occur in the Bitcoin market with the upcoming ETF.
Wall Street listed the first ever spot gold ETF in November of 2004, and the price never came back down again.
We may never see this #bitcoin price ever again once the BlackRock ETF (and others) is approved.
90% chance the spot ETFs all get approved January 5th-10th 2024… pic.twitter.com/3c6uBa3k3d
— Altcoin Daily (@AltcoinDailyio) December 4, 2023
Wall Street listed the first ever spot gold ETF in November of 2004, and the price never came back down again. We may never see this #bitcoin price ever again once the BlackRock ETF (and others) is approved.
Altcoin Daily also revealed that Bloomberg’s expert analysts stated that there’s a 90% chance the spot ETFs will get approved between January 5th-10th 2024. Meanwhile, if you look at the daily chart, you’ll discover that this pump started on October 16, 2023.
A few days later, this coin increased from $28,000, breaking the $30,000 resistance level. That’s just about 7%. From November 1 to November 30, Bitcoin was trading within the $35,000 region.
But, by December 1, the coin resumed its upward trend, hitting a new milestone.
Significantly, on December 4, BTC reached $40,000, pushing altcoins as well. All this movement shows that the broader market is exhibiting bullish sentiment. Also, in the past month and seven days, CoinMarketCap shows BTC has recorded a growth of almost 30% and 15% within this time frame.
Moreover, in the past 24 hours, it has increased by more than 5%. Currently, Bitcoin has a trading volume of over $44 billion. This trading volume has increased by 50% in the last 24 hours.
Notably, its market cap is at $861 billion, suggesting that there’s still space for growth in the market.
Bitcoin Price Analysis: BTC Breaks 20-Month Level. Is $48,000 the Next Target?
Looking at the chart, BTC just smashed through a difficult 20-month resistance. Now, it’s even targeting a $48,000 region. And this level could be another strong zone. If Bitcoin can break through this, the crypto market will be flooded with new investors.
Moreover, Bitcoin is riding high above the Simple Moving Average (SMA). This signals a bullish sentiment in the market. Note this, too: the stochastic RSI is doing well at 100.
This further confirms the bullish momentum in the Bitcoin market. In all, Bitcoin is giving joy to traders who bought the coin earlier this year.
And if it keeps going strong this way, more and more people might jump into the game. In addition, the value can even reach the $48,000 strong zone faster with this momentum.
But remember that the market sometimes doesn’t go as planned. So, apply a proper risk strategy before buying the asset.
Bitcoin Halving Around the Corner – Is $100,000 Still Possible?
The next Bitcoin halving is coming, and it’s expected to affect BTC’s price. This is due to how the previous halving event affected the market. Back in 2016, BTC price was trading at $650. Fast forward a bit after the halving, its price surged incredibly to $20,000. This happened in December 2017.
Now, the next halving is expected to take place by 2024. Experts are anticipating another surge in the price of Bitcoin. This is because the demand for the coin will increase significantly. Basic math shows that when there is low supply but high demand, prices always go up.
Moreover, the potential listing of ETFs will also play a role in the pumping. However, there’s this new project making headlines that investors might look into for more profit opportunities.
Bitcoin Top Alternative – Bitcoin ETF Token
Bitcoin ETF Token is a new project in the market. This project is selling its native token through presale. This implies that investors can buy it now at a very low rate. Impressively, the project has gathered more than $2 million from this presale.
Recently, the token smart contract was audited by the popular CoinSult platform. This further attracted more people to buy the token. Moreover, its recognition in prominent crypto sites increased the trust investors have for the project.
In addition, big YouTuber Jacob Crypto Bury also predicted the coin would grow by 10x when it goes live. Currently, each BTCETF token is going for a price of $0.006. Again, this makes it the best opportunity for investors looking for tokens to buy at cheap prices.
What makes this token Special?
>>>Visit Bitcoin ETF Token Presale
The staking feature is one of the things that makes this project unique from others. The project is giving those who stake their token nice rewards. That’s like receiving a bonus for not selling your token.
Notable, this will make the token scarce and difficult for people to buy.
If you stake your token, you can receive 119% extra every year. But know that this percentage can decrease as more people start to stake their tokens. With all this in mind, you can buy the token directly from its official site with USDT or ETH.