Maintaining its elevated position, the highest it has reached in the last 18 months, bitcoin is once again on the verge of a possible price increase.
With a notable 10% gain from the previous month and more than doubling its value from the same period last year, markets valued bitcoin (btc) at over $38,600 on Friday morning.
Supporters of the alpha coin attribute its huge success so far to enthusiasm around spot bitcoin ETFs, like the one introduced by BlackRock, which could be approved at any time.
During the European morning hours on Friday, bitcoin almost reached the coveted $40,000 markreaching $38,810 for the first time since May 2022. Expectations of growing institutional demand have supported the rise, which is a continuation of a strong multi-month run.
Data from cryptocurrency market tracker Coingecko indicates that the coin is up approximately 2% on the day and maintaining a 3% gain over the past seven days.
Expert Predictions for bitcoin: What They Say
Experts are increasingly obsessed with the ETF as the product nears approval. An important piece of information comes directly from Bloomberg analyst James Seyffart, who projects that the authorization date would occur between January 5 and 10, 2024.
This projection follows a series of intentionally extended deadlines, indicating a concerted attempt by the SEC to accept multiple ETF applications at the same time.
Well, the window for a possible place. bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin It looks like ETF approval will be between January 5-10, 2024. I spoke with @thomasg_grizzle & @ScottW_Grizzle this morning and I got this call right. https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH
-James Seyffart (@JSeyff) November 30, 2023
Seyffart's analysis focuses on the timelines of Hashdex and Franklin Templeton, suggesting that the timeline for greenlighting the 12 bitcoin ETF spot applications may coincide between January 5 and 10.
NorthmanTrader founder and chief market strategist Sven Henrich offered his predictions for the present and future of the bitcoin market. He examined short-term forecasts, structural strength of the market and made comparisons to previous market patterns.
BTCUSD currently trading at $38,806 on the daily chart: TradingView.com
Henrich projected a possible move to between $41,000 and $43,000, especially as the year came to a close. However, he highlighted the need to proceed with caution due to the cryptocurrency's association with broader market trends, particularly in the technology industry.
bitcoin-video” target=”_blank” rel=”nofollow”>Mike Novogratza well-known entrepreneur and cryptocurrency advocate, expressed relentless optimism about bitcoin's trajectory and attributed his positive outlook to the long-awaited approval of a bitcoin spot ETF.
Is $41,000 the next stop for bitcoin?
Novogratz believes that the value of bitcoin will skyrocket if large financial entities such as BlackRock and Fidelity begin to use it, which will cause its price to reach all-time highs.
The bitcoin community is increasingly optimistic that the price of the cryptocurrency could rise to $41,000 in the coming days as it approaches the $40,000 threshold. Due to market volatility, traders are constantly on the lookout for the next move.
It is unclear whether bitcoin will encounter resistance or continue its current uptrend. By constantly watching price charts and market indicators, investors prepare for market dynamics as they develop.
(The content on this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk.)
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