Guess what? Bitcoin just nudged up 1% on Wednesday, hitting $38,168! That’s the highest it’s been since the tough times of April and May 2022 when the market was in a bearish slump.
The crypto champ, Bitcoin, has been flexing its muscles, climbing over 10% this November. Why? Well, folks are counting on the Federal Reserve to start slashing rates in 2024, and that’s giving Bitcoin a boost.
When the Fed eases up on monetary policies, it tends to make digital assets look even more attractive. Investors usually ease off riskier bets when interest rates climb, so this is a bit of a green light for crypto.
Bitcoin’s been on a wild ride in 2023, up about 130%, and the big shots on Wall Street are betting on even more gains ahead.
Standard Chartered predicted Bitcoin’s set to hit $100,000 by the end of 2024, echoing an earlier forecast. And hey, technical analyst Katie Stockton thinks Bitcoin might be getting ready for another surge soon.
According to Stockton, if Bitcoin breaks above $38,000, it could fire up to test the $42,200 resistance level. That’d be quite the move!
But wait, there’s more! Crypto traders are eagerly waiting for the Securities and Exchange Commission to give the thumbs-up to a spot bitcoin exchange-traded fund. Big players like Fidelity and BlackRock are all geared up, and Grayscale scored a legal victory earlier this year against the SEC.
And here’s one more exciting thing on the horizon: the April 2024 halving. That’s when the amount of bitcoin created through mining gets cut in half.
Here’s a fun fact – after the last three halvings in 2012, 2016, and 2020, Bitcoin shot up by a staggering 8,069%, 284%, and 559%, respectively.
