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For The Very First Moment in 19 Months, Bitcoin Reaches $40K
2023-12-04 16:26:20
After reaching a 19-month extreme Matrixport projects that Bitcoin will continue to rise long into the upcoming year.
After rising by about 2% in a day, Bitcoin has now crossed the $40,000 mark for the first moment before late April 2022. Using statistics via CoinGecko, Bitcoin jumped from below $39,500 to beyond $40,000 on December 3, reaching a 19-month milestone. Additionally, it represents a record high for the Bitcoin year thus far, up more than 140% from January 1. Still, it's fallen approximately 42 percent off its record-breaking high of more than $69,000 on November 10, 2021. Markus Thielen, the director of analysis at Matrixport, forecasted on November 30 that Bitcoin will reach over $60,000 by April of the following season and $125,000 by the conclusion of 2024. Thielen previously stated that there was a 3-year bull cycle that followed each of the previous three cryptocurrency down markets, and a study predicted an additional three years of these bullish consumers, with 2023 being the inaugural year. Thielen thinks that in the past, the years whenever Bitcoin mining rates reduced by half have historically been bullish. In the middle of April 2024, Bitcoin is predicted to once more halve, meaning that mining profits would be reduced by 50%. During each halving, miners used to stockpile Bitcoin, and prices rose by +200%, projecting Bitcoin to reach $125,000, according to Thielen. The recent price breakthrough for Bitcoin coincides with rumors that an ETF designed just for spot Bitcoin may soon be approved in the US. Standard Chartered forecast in an article dated Nov. 28 that the earlier-than-expected launch of spot ETFs in the U.S. might cause Bitcoin to reach six figures before the end of the next year A spot Bitcoin ETF is being bid on by 13 companies in the United States, with Pando Asset, a Swiss firm that manages assets, being the new one to join the race on November 29. BlackRock and Grayscale, among others, have met with the SEC to work out the specifics of their exchange-traded funds (ETFs), all of which are awaiting clearance. There is a 90% probability, according to Bloomberg ETF analysts, by January 10, that all pending ETF proposals will be approved concurrently. Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.
