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
Many market players believe that a Bitcoin exchange-traded fund (ETF) might get a green light by early next year. People are anticipating an imminent Bitcoin ETF approval, and this is contributing to the recent pump in the market.
For example, a popular crypto trader and analyst, Altcoin Daily, talked to its 1.4 million followers about what might occur in the Bitcoin market with the upcoming ETF. The trader discussed the precedent of Wall Street listing the first ever spot gold ETF in November of 2004, and once it was listed, the price never came back down again. People are speculating that Bitcoin’s price may never be as low as it is now once the BlackRock ETF and others get 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. Additionally, the pump in the market started on October 16, 2023, when the BTC price saw a significant increase from $28,000, breaking the $30,000 resistance level. Since then, Bitcoin has been trading within the $35,000 region and currently stands at $44,000.
This upward movement shows that the broader market is exhibiting bullish sentiment, with BTC recording a growth around 30% in the past month. Bitcoin’s trading volume has also increased by 50% in the last 24 hours, with a market cap at $861 billion.
Currently, BTC is targeting a $48,000 region and aims to break through this level, which could be another strong zone.
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