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bitcoin has been on a steady upward trajectory since Monday, hitting a new high for 2023 and currently stands at $43,971. This represents a significant 16% increase from last week. The rise in bitcoin value shows its continued positive momentum, helped by different factors.
These factors include the bitcoin halving and growing enthusiasm over the possible approval of a bitcoin spot exchange-traded fund (ETF) in the United States by January 2024.
Is bitcoin ETF approval imminent? BlackRock and ARK invest at the forefront
Leading asset manager BlackRock Inc. is poised to make significant inroads into the competitive landscape if the U.S. Securities and Exchange Commission (SEC) approves its bitcoin spot ETF.
Observers anticipate its approval and speculate that BlackRock may have already taken strategic steps to establish dominance in the ETF competition.
Bloomberg ETF analyst Eric Balchunas suggests BlackRock could transfer assets from its private bitcoin trust to the ETF following regulatory approval, which could give an early boost to its iShares bitcoin Trust.
Originally launched last August, the private trust serves institutional clients interested in tracking the performance of bitcoin. With nearly $200 million invested, BlackRock is well positioned for a strong entry into the ETF market.
Recent amendments to its ETF application indicate constructive discussions with the SEC, emphasizing strong monitoring, AML compliance, and collaboration with third-party platforms to improve KYC. BlackRock is aiming for SEC approval in January, with plans moving quickly and initial funding secured.
An undisclosed investor has committed $100,000 worth of iShares bitcoin Trust shares, received on October 27, 2023.
Furthermore, Bloomberg analyst James Seyffart expresses optimism and forecasts the possible approval of a bitcoin spot ETF around December 10. Additionally, he expects approval of ARK Invest's bitcoin spot ETF by January 10 of the following year.
Here is the most updated version of my ad. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF racing chart pic.twitter.com/jYmrg8SI3I
-James Seyffart (@JSeyff) December 5, 2023
bitcoin Halving Countdown Adds Fuel to Cryptocurrency Rally
Adding to the positive market outlook is the expectation of the bitcoin halving event, which will occur in 132 days. This event, built into bitcoin's underlying blockchain by its anonymous creator Satoshi Nakamoto, was introduced as an anti-inflation measure when the cryptocurrency was launched in 2009.
The pre-halving period, which occurs approximately every four years, has traditionally been the most lucrative period for cryptocurrency investors. Historically, these events, which reduce the rate of creation of new bitcoin, have heralded significant price increases.
This upcoming halving is increasingly seen as a trigger for steady growth and a lasting increase in bitcoin's value. Despite the SEC's hesitation to directly approve a spot bitcoin ETF, these recent developments, combined with trading enthusiasm and the upcoming halving, suggest a crypto market on the verge of a period of transformation.
$btc price prediction
The price of bitcoin currently stands at $43,971, with a trading volume of $60.36 billion and a market capitalization of $859.33 billion. Over the last 24 hours, the price has seen a small increase of 0.45%. On various time frames, bitcoin price shows a strong uptrend and forms a bullish pattern.
Recently, the price broke the $40,000 barrier and gained for five consecutive sessions. This demonstrates the strength and confidence of the buyers, along with the involvement of the main investors.
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The volume of purchases is also constantly increasing, which has a positive impact on the price. If the current momentum continues and buyers can clear the $45,187 hurdle, there is further upside potential.
With the Fear and Greed Index indicating extreme greed, bitcoin is inching towards the $45,000 mark. Regular traders and analysts alike are closely monitoring its momentum.
For a comprehensive analysis of bitcoin price predictions, watch the video above and subscribe to their Youtube channel for additional crypto-related content. Jacob crypto Bury also runs a Discord community with 17,000 members, providing trading tips and information on upcoming cryptocurrency pre-sales.
Conclusion
If bitcoin gains ETF approval and reflects a rally similar to the less dramatic post-halving surge of 122% after hitting $50,000, there is a chance it could reach or even surpass $110,000 by the end of 2024. .
Although these projections are cautious, the growing momentum around bitcoin suggests that the $100,000 milestone could be reached even sooner. The cryptocurrency market is on edge, awaiting the SEC's decision.
The approval of a bitcoin spot ETF could mark a revolutionary phase for bitcoin and the broader cryptocurrency landscape, potentially triggering a surge in institutional adoption and investment.
On the other hand, a negative decision, particularly one that classifies bitcoin as a security, could create market disruptions, challenging bitcoin's resistance and putting its bullish momentum at risk.
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