As the Bitcoin market continues to surprise with its resilience and unexpected surges, investors and enthusiasts eagerly await regulatory developments.
In a surprising turn of events, Bitcoin (BTC) price has soared to new heights, reaching an 18-month high and inching closer to the $37,000 mark. The sudden surge caught many market participants off-guard, with traders expressing both excitement and bewilderment at the unexpected strength of the rally.
Bitcoin Price Rally and Market Sentiment
According to data from TradingView, Bitcoin broke through the $36,000 barrier after the daily close, reaching $36,864 on Bitstamp, the highest level since early May 2022. Contrary to concerns about bid liquidity decreasing and the potential for a retest of $34,000, the market witnessed an influx of upside momentum during United States trading hours earlier today.
James Van Straten, a research and data analyst at CryptoSlate, highlighted the significance of this bullish sentiment in the United States, comparing it to early 2022. He referred to data from Glassnode, which pointed to US buyers sustaining the rally. The notion that Americans are playing a crucial role in driving Bitcoin’s surge added a layer of optimism to the market.
A prevailing theory circulating within the crypto space links the renewed bullish tone to the possibility of a spot Bitcoin Exchange-Traded Fund (ETF) in the US. Although not anticipated until 2024, November 9 initiates the time frame during which the SEC could potentially make the long-awaited announcement.
Analysts, including James Seyffart from Bloomberg Intelligence, believe there is a 90% chance of spot Bitcoin ETF approvals by January 10, 2024, while some predict the approval could happen earlier, triggering a wave of approval orders for current applicants. Tedtalksmacro, a financial commentator, aligned with this sentiment, suggesting that a wave of approval orders for existing applicants could occur during this window.
Bullish Outlook for Bitcoin
Meanwhile, Market experts at Matrixport, led by Markus Thielen, the Head of Research and Strategy, anticipate another bullish breakout, with Bitcoin potentially reaching $56,000 by December 31. Their forecast is grounded in historical performance, noting that Bitcoin tends to follow bullish momentum from the first ten months of the year by over 78%.
Matrixport analysts concluded that there is a 71% chance of Bitcoin continuing the breakout rally to a new yearly high in the coming weeks.
As highlighted in an earlier report from Coinspeaker, technical analysis adds weight to these predictions, suggesting that if Bitcoin successfully breaks above the $35,000 zone, a continued move toward $47,000 is likely, with minor resistance levels around $39,000 and $44,000.
Crypto Rover, a prominent Bitcoin expert, is optimistic about the long-term potential of Bitcoin. He believes that the approval of a crypto spot ETF and the involvement of financial giant BlackRock could propel Bitcoin to $100,000.
As the Bitcoin market continues to surprise with its resilience and unexpected surges, investors and enthusiasts eagerly await regulatory developments and institutional involvement that could further shape the trajectory of the leading cryptocurrency in the coming months.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.