March 4, 2024
Bitcoin


Bitcoin (BTC) is having a moment again. The biggest cryptocurrency in the world is enjoying a 150% increase this year as its price surged beyond $44,000 on Wednesday, marking the first time it had done so in over 18 months.

The increase is indicative of the cryptocurrency’s continuous upswing, which is being supported by a number of elements such as a drop in interest rates and growing expectations over the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US.

Spot ETFs: Democratizing Bitcoin Investment With Lower Risks

Supporters of the industry say that this new way to invest in bitcoin at spot prices instead of futures prices could make it easier for everyone to get into the cryptoverse while lowering some of the well-known risks that come with it.

It’s possible that regulators will approve the first bitcoin spot ETF application as soon as next month, even though some crypto fund managers have recently won cases that made the chances of this happening better.

“I think what the ETF means really is that Bitcoin is going mainstream, and that’s what people were waiting for,” Ledger CEO Pascal Gauthier recently said.

The fact that Bitcoin has recovered above the crucial price level highlights how resilient its upward momentum is, drawing interest from both seasoned investors and the larger cryptocurrency community.

How High Can BTC Price Go?

Given that news sources and financial analysts have taken notice of Bitcoin’s latest breakout above the psychologically critical $44,000 threshold, it is clear that the market is currently bullish biased.

Bloomberg has made a bold prediction regarding the largest cryptocurrency in terms of market capitalization when it entered the fray. The news website claims that Bitcoin’s increase above $42,000 marks the start of a new “crypto supercycle” rather than just a passing peak.

According to this bullish prediction, Bitcoin will soar to values above an astounding $500,000 and become the cornerstone of a revolutionary new monetary paradigm that is already gaining support on Wall Street.

Bitcoin slightly below the $44K level today. Chart: TradingView.com

This prediction, which is in line with the increasing feeling of cryptocurrency fans, signals a paradigm change in conventional financial markets as Bitcoin keeps redefining the global economic scene and establishing its domination.

Bitcoin’s Clear Path: $48K-$53K Sweet Spot For Upside – Analyst

Based on technical price levels, particularly highs set in March 2022 and September 2021, Joel Kruger, market strategist at LMAX Group, believes that Bitcoin’s upward price momentum has a clear route forward until the region between $48,000 and $53,000.

Between these two levels, Kruger identified a sweet spot where the route to the March 2022 high is remarkably free of major opposition.

He stated:

“There is a nice zone between those two levels with very little in the way of any meaningful resistance between the current price and that March 2022 high.”

BTC moves past $44K today. Source: Coingecko

According to market data, as of this writing, the price of Bitcoin is $44,020, up 5.5% over the previous day, and sustaining a 16% increase in the last week, data from Coingecko shows.

As the market dynamic unfolds, all eyes are on Bitcoin, wondering if it will continue its bullish run and set its sights on the next significant milestone at $45,000.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock



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