Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week?
December 06 2023 - 1:30AM
NEWSBTC
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. Related Reading: PEPE Inks
46% Weekly Gain – Can It Leap To The $1 Jackpot? 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. Related
Reading: Cardano Profitability On The Rise: 1.7 Million Addresses
Hit 2-Year High (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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