Bitcoin, marked by a surge above $40,000, hit its highest level in nearly 19 months. In the past day, it gained 3.72% to reach $40,766, marking a new high for the year after a 140% increase since January. Despite this, Bitcoin remains 42% below its record high of $69,000 in November 2021.
Markus Thielen, Matrixport’s research head, forecasted bullish trends for Bitcoin. He anticipated a rise to $60,000 by April 2024 and an impressive $125,000 by the end of the following year, attributing this projection to historical patterns influenced by Bitcoin mining reward halvings, with the next one slated for mid-April 2024.
The recent price surge aligns with speculation about the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US. Projections from Standard Chartered suggest a six-figure value for Bitcoin by the end of the upcoming year, largely driven by expected spot ETF introductions.
Notably, entities like BlackRock and Grayscale have submitted applications for spot Bitcoin ETFs pending approval from the Securities and Exchange Commission. Bloomberg ETF analysts anticipate potential simultaneous approval for these pending ETFs around January 10.