- Bitcoin Hits $41,000 surging by to a 19-month high; gold peaks.
- Matrixport insights says BTC could reach $125K by 2024, driven by halving.
- Potential spot Bitcoin ETF approval fuels bullish market sentiment.
In a remarkable turn of events, Bitcoin (BTC) has broken through the $41,000 mark, achieving a 19-month peak. Simultaneously, the price of gold has hit a new all-time high, surpassing $2,100 during the Asian session on December 4.
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Bitcoin’s resurgence to the $40,000 threshold, unseen since April 2022, involves a rapid 2% increase in a 24-hour period, contributing to a remarkable 140% rise since the year’s commencement.
Markus Thielen, Head of Research at Matrixport, envisions a promising future for Bitcoin. Historical trends following bear market cycles and upcoming Bitcoin halving events point towards projections of over $60,000 by April 2024 and potentially reaching $125,000 by the year-end.
Speculation is heightened by the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. With 13 bidders, including industry giants like BlackRock and Grayscale, there’s anticipation surrounding a decision by the Securities and Exchange Commission (SEC).
Bloomberg’s ETF analysts foresee a high probability of simultaneous approvals for all pending bids by January 10, signaling a new era of institutional participation and investment in Bitcoin.
Bitcoin analyst Willy Woo commented on the potential ETF approval, drawing parallels with the launch of SPDR Gold Trust, the first commodity ETF for gold. Notably, gold experienced an eight-year rally with no down year between 2005 and 2012 after its introduction.
The surge beyond $40,000 signifies a bullish market sentiment, driven by expectations of a Bitcoin spot ETF approval in January and broader regulatory advancements. Bitcoin’s upcoming halving event is anticipated to provide further momentum to BTC prices over the next five months.
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