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What do the crypto community think about the rising price of Bitcoin?

We tell you what investors expect from BTC as the cryptocurrency reaches annual highs.

New annual high

The most capitalized cryptocurrency, Bitcoin, continues to update its annual maximum. As of the time of writing the review, the peak was recorded at $41,534. The 24-hour minimum for Bitcoin, according to the CoinMarketCap resource, was $39,341.

Cryptocurrency is growing in anticipation of the approval of the first-ever US spot Bitcoin ETF. The tool, according to members of the crypto community, will attract institutional investors to the market, whose money will support the growth of BTC. By according to Bloomberg analyststhe first spot Bitcoin ETF in the US will be approved in January 2024.

Analyst Willy Woo reminded on gold’s reaction to the approval of the first ETF. Against the backdrop of the launch of the instrument, the precious metal entered into a rally that lasted almost 8 years.

In BTC forecasts amid the approval of a spot cryptocurrency ETF those numbers sound so boldlike $1 million per coin.

Another driver of Bitcoin growth is the approaching halving. The event, as statistics show, launches new cycles of growth in the crypto market. Each of the previous Bitcoin halvings brought cryptocurrencies to new value highs. For example, after the 2020 halving, BTC renewed its peak at around $69 thousand in November 2021. Positive statistics suggest that the 2024 halving will also lead the cryptocurrency to growth.

The positive reinforces the partial resolution of the conflict between the largest crypto exchange Binance and American regulators. Let us remind you that part of the agreement between the trading platform and US regulatory authorities included the winding down of business in America and the change of the general director.

Investor sentiment is also supported expectations transition of the American Federal Reserve to lowering the key rate. Movement in the indicated direction can support the interest of market participants in such high-risk assets as cryptocurrency.

Bitcoin forecast

BTC has overcome the psychologically important level of $40 thousand. Against the backdrop of updating the annual maximum, participants in the crypto community gave a forecast for Bitcoin.

Trader who correctly predicted a breakthrough in cryptocurrency at the $40 thousand level @AlemzadehC thinksthat this week the coin will be able to reach $44 thousand. At the same time, judging by his chart layout, he does not exclude Bitcoin at $50 thousand in December 2024.

To continue growing, sure blogger Pentoshi, popular in the crypto community, BTC needs to gain a foothold above $40-42 thousand. Doctor Profit analyst, in turn, does not exclude Bitcoin growth to $47-48 thousand in the near future. At the same time, he noted that from the height he indicated, BTC will likely go into a correction of 20-30%. Bitcoin forecast for $48 thousand in the near future supported by trader Jacob Canfield. Afterwards, he believes, BTC will go into correction.

With the view that Bitcoin is in bull territory, agreed analyst Michael van de Popp. In his opinion, the BTC growth cycle against the backdrop of the 2024 halving will be similar to the cycle after the 2016 halving. The latter was remembered for the rapid growth of quotes. For example, between September and December 2017 alone, Bitcoin rose in price by 600%. Plus 600% of the current cycle’s lows are at levels above $110 thousand per BTC.

Cypherpunk Adam Beck gave a much more positive forecast. In his opinionpositive dynamics can bring BTC to the level of $700 thousand per coin within a year or two.

However, there are those who support a negative outlook for Bitcoin. Some members of the crypto community believethat the realized BTC growth will definitely be followed by a deep correction.


Source: Cryptocurrency

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