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Bitcoin surpasses $40k for the first time in 19 months

Bitcoin Bitcoin has recently experienced a significant surge, reaching a 19-month high by surpassing the $40,000 mark for the first time since late April 2022. Over the course of 24 hours, its value increased by around 2%, bringing it to the current price of $40,610.Bitcoin 1Y chart, Source: CoinMarketCapThis milestone not only signifies a year-to-date
Bitcoin has recently experienced a significant surge, reaching a 19-month high by surpassing the $40,000 mark for the first time since late April 2022. Over the course of 24 hours, its value increased by around 2%, bringing it to the current price of $40,610.

Bitcoin 1Y chart, Source: CoinMarketCap

This milestone not only signifies a year-to-date high but also reflects an impressive growth of over 140% since the beginning of the year. It’s worth noting, however, that Bitcoin is still approximately 42% below its all-time high of over $69,000, which occurred on November 10, 2021.

Bitcoin trading chart, Source: CoinMarketCap

Markus Thielen, Matrixport’s Head of Research, has made optimistic predictions for Bitcoin’s future performance. In a note dated November 30, Thielen forecasts that Bitcoin will surpass $60,000 by April of the coming year and is poised to reach an even more remarkable $125,000 by the end of 2024. His analysis is grounded in historical trends, where previous three-year bear markets in the cryptocurrency space were followed by robust bull cycles.

Thielen draws attention to the upcoming halving of Bitcoin mining rewards, expected in mid-April 2024, historically associated with bullish market trends. He highlights instances where miners stockpiled Bitcoin ahead of such halvings, resulting in price increases of over 200%.

Adding to the positive outlook is the speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Standard Chartered, in a note dated November 28, anticipates that Bitcoin could reach a six-figure valuation before the end of the next year.

This optimism is attributed to the “earlier-than-expected introduction” of spot ETFs in the U.S. Currently, there are 13 bidders for a spot Bitcoin ETF, with notable names like BlackRock and Grayscale in the mix. These proposals are pending approval from the Securities and Exchange Commission (SEC).

Bloomberg ETF analysts express a high degree of confidence, with a 90% probability that all pending ETF bids will be approved simultaneously by January 10, 2024, further contributing to the positive sentiment surrounding Bitcoin’s future trajectory.

Wasif Shakir

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