Well folks, we’ve hit another milestone! Bitcoin (BTC) has joyfully leapt over the $40,000 mark, reaching a 19-month peak. According to the good people at CoinMarketCap, Bitcoin has seen a modest but significant 3.72% bump in the last 24 hours, bringing its price to a cool $40,766.
And what a year it’s been for our digital friend! A staggering gain of over 140% since the year first dawned, setting a new high record for 2022. Now, before we get too ahead of ourselves, it’s worth mentioning – Bitcoin is still approximately 42% below its all-time peak of just over $69,000 (remember that wild day on November 10, 2021?).
Now, onto some forecast excitement. Markus Thielen, the head honcho of research at Matrixport, recently let slip his upbeat predictions for Bitcoin’s future. This savvy analyst believes that Bitcoin might shatter the $60,000 mark come April 2024 and might even touch a dizzying $125,000 by the close of next year. But, how did he conjure up this impressive figure? He’s a man who knows his history. He pointed to the juicing effects of Bitcoin mining reward halvings on the coin’s price. For those keeping track, the next halving is due for a mid-April 2024 appearance.
Now, in sync with these bullish predictions, the Bitcoin price surge seems to be dancing to the tune of rumors about a potential green light for a spot Bitcoin exchange-traded fund (ETF) right here in the good ol’ United States. The crystal ball at Standard Chartered anticipates Bitcoin potentially knocking on the six-figure door by the conclusion of next year, bolstered by the expected debut of spot ETFs in the US market.
Certainly, companies aren’t standing by idly. Heavyweights like BlackRock and Grayscale have tossed their hats into the ring, lodging applications for spot Bitcoin ETFs and eagerly awaiting the Securities and Exchange Commission’s (SEC) nod. To fuel the speculation fire, analysts over at Bloomberg ETF estimate a high chance of a collective stamp of approval for all submitted ETF applications, with a deadline targeted for January 10. Let’s see how the crypto drama unfolds!
