The world’s largest cryptocurrency exchange, Bitcoin, crosses the $35,000 milestone for the first time since 2022. This sudden spike in Bitcoin’s prices finally gave investors and crypto enthusiasts a reason to celebrate. The sudden spike in prices was estimated a few months ago, but many things were not going in the favor of Bitcoin to make a surge. But now, Bitcoin’s resurgence is making efforts to empower people to invest in digital currencies more.
Bitcoin’s Price Comparison:
Sun, October 22nd, 2023, 12:30 AM: Bitcoin’s Price Stands at $30,223.81 with 6.88% growth
Tue, October 24th, 2023,
1:00 AM: Bitcoin’s Price Stands at $31,192.62 with 10.31% growth
7:30 AM: Bitcoin’s Price Stands at $35,157.23 with 24.33% growth
6:00 PM: Bitcoin’s Price Stands at $34,545.34 with 22.17% growth
Reasons Behind the Bitcoin’s Resurgence:
Before a few days, analysts were talking about Bitcoin having its worst year. But, one night changed everything. Bitcoin has reached a new high of 2023 by crossing the $35,000K mark. But Bitcoin’s resurgence is backed by many reasons. Given below are the primary reasons that helped Bitcoin to make a stronger comeback than the 90s trend.
Token Liquidation:
The crypto market rallied and resulted in the liquidation of about $64 million in a few hours and a total of $114 million (October 21, 2021). People were betting against Bitcoin on October 21 because they believed its value would go down in the future. But, as soon as the market changed, they had to change their bets, making them buy Bitcoin instead. This liquidation also includes Binance’s $2.53 million, making investors from betting against Bitcoin to buying its tokens instead.
ETF’s Approval:
On Monday morning, Bitcoin’s prices crossed the $30K mark due to excitement among investors and the general public surrounding the potential approval of Bitcoin Exchange Traded Funds (ETFs) by the Securities and Exchange Commission (SEC). Yes, the same SEC that was involved in Ripple’s case. The approval of Bitcoin’s ETF is scheduled for next year, probably on January 10, 2024. But many insiders are expecting the permission to be given in the next few weeks.
BlackRock’s Spot Bitcoin ETF:
Besides Bitcoin’s own ETF approval, Blackrock’s spot Bitcoin ETF approval is also pending. The critical dates for the approval have been under wrap, but many insiders are giving hints of possible outcomes in the upcoming week. However, Eric Balchunas, the senior ETF analyst for Bloomberg, stated,
“The world’s largest asset manager (Blackrock) is planning to seed the fund this month”, (as of October 23, 2023)
Moreover, Scott Johnsson, an investor at Ven Buren Capital, also noted that the world’s largest asset manager has obtained a CUSIP number for ETF. In short, BlockRock is making reasonable efforts to launch spot Bitcoin ETF’s seeding. As soon as this news started gaining attraction on social media, Bitcoin finally surged to the $35K mark.
Technical Analysis and Prediction:
0The surge in Bitcoin’s price was estimated back in July, but, unfortunately, the prices had a little bit of a more profound setback in the same month. But it’s better late than ever. Bitcoin’s price surged to a new high with an increase of 11.64%. The largest cryptocurrency exchange is predicted to rise between $43- $53K. But there is one challenge that can prevent Bitcoin from surpassing this mark. To expect a further rise in prices, it is necessary for Bitcoin to make a few more breakouts so that it can reach its next target of $43 -$53K.
If we talk about the volume profile point of view, there’s going to be a little spike around $36-$40K. Now, the thing that has been concerning all crypto enthusiasts and investors is Bitcoin’s ability to sustain its prices. As of now, the Bitcoin price is handing around $34,478.51. If the price drops below $32K in the coming days, it will be challenging to make a surge. But, approval of Bitcoin’s ETF can be a game changer.
Jack Tan, Woo Network’s co-founder, stated,
“Bitcoin is in an anti-gravity phase and could hit $75,000 in the coming months. If ETFs actually get approval, then the sky will be the limit for Bitcoin ETF’s prices”
What’s Next?
Some analysts are predicting Bitcoin to reach the $45K mark, while some are also estimating it to cross $75K. But nothing can be expected at this point. The crypto market is so dynamic anything can happen at any time. So, stay tuned with Coin Informer to get top crypto updates and market analysis. Have a great day ahead!
