Bitcoin (BTC) is having a moment again. The world’s largest cryptocurrency is up 150% this year as its price rose above $44,000 on Wednesday, marking the first time this has happened in more than 18 months.
The increase is indicative of the cryptocurrency’s continued revival, which is supported by a number of elements such as a decline in interest rates and growing expectations about the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
Discover ETFs: Democratizing Bitcoin Investments with Lower Risks
Industry advocates say this new way to invest in bitcoin at spot prices instead of futures prices could make it easier for anyone to get into the cryptoverse while lowering some of the known risks that come with it.
It’s possible regulators will approve the former bitcoin spot ETF to apply next month, even though some crypto fund managers have recently won cases that made this more likely.
“I think what the ETF really means is that Bitcoin is going mainstream, and that’s what people were waiting for,” Ledger CEO Pascal Gauthier said recently.
The fact that Bitcoin has recovered above the crucial price level underlines how resilient it is upward momentum is, and is attracting interest from both seasoned investors and the larger cryptocurrency community.
How high can the BTC price go?
Considering that news sources and financial analysts have taken note of Bitcoin’s latest break above the psychologically critical threshold of $44,000, it is clear that the market is currently bullishly biased.
Bloomberg made a bold prediction about the largest cryptocurrency in terms of market capitalization as it entered the fray. The news website claims that Bitcoin’s rise above $42,000 marks the beginning of a new one “crypto supercycle” rather than just a passing peak.
According to this bullish forecast, Bitcoin will rise to values above an astonishing $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 sentiment of cryptocurrency fans, signals a paradigm shift in conventional financial markets as Bitcoin continues to redefine the global economic stage and establish its dominance.
Bitcoin’s Clear Path: $48,000-$53,000 Sweet Spot for Upside Potential – Analyst
Based on the technical price levels, specifically the March 2022 and September 2021 highs, Joel Kruger, market strategist at LMAX Group, believes Bitcoin’s upward price momentum has a clear path forward to the $48,000 to $53,000 region.
Between these two levels, Kruger identified a sweet spot where the route to the March 2022 high is remarkably free of major opposition.
He claimed:
“There is a nice zone between these two levels, with very little meaningful resistance between current price and the March 2022 high.”
BTC moves past $44K today. Source: Coingecko
According to market data, Bitcoin’s price at the time of writing is $44,020, up 5.5% from the day before, and up 16% in the past week, data from Coingecko shows.
As market dynamics unfold, all eyes are on Bitcoin wondering whether it will continue its bullish run and set its sights on the next major milestone of $45,000.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
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