Bitcoin surges to $44,000, hinting at greed for ETFs | by 36Crypto | Coins | December 2023

Bitcoin is heading towards $44,000. October 24th became a milestone for the cryptocurrency community. As Bitcoin soared to $30,000, ambiguity gave way to the ever-pervasive optimism, tinged with greed and promising expectations. Among them, the forecast that it is inevitable that Bitcoin will hit $40,000 by the end of the year stands out.

While predictions are turning into reality, the debate over their reliability has reached its logical conclusion, sharing the spotlight on two important fundamentals: the real reasons for Bitcoin’s surge and the future state of the coin.

In this article, we’ll look at two pivots and see how the asset achieved its best comeback of the year.

Let’s stick to high gear!

On December 4th, BTC broke this year’s record by hitting a whopping $41,000. 24 hours later, community euphoria had pushed Bitcoin up to $44,000 and the periodic RSI was above 80. The bold surge ended Bitcoin’s year-to-date growth rate at 150%, but it’s a far cry from the historic high of $69,000 it reached in November 2021.

On the surface, it seems so. Bitcoin surges This is true for both technical and external factors. But is this assumption fundamentally reliable?

While technology shows oncoming bitcoin halvingExamining the Bitcoin price rally, the fundamentals appear to be much more turbulent, making the BTC surge somewhat puzzling.

Bitcoin has been able to succeed through a number of negative developments, some of which are said to be significant. Since hitting an all-time high of $69,000, the cryptocurrency has been battered by an endless stream of project collapses, regulatory investigations and criminal trials.

Among the array, two significant updates stood out. both The largest cryptocurrency exchange Worldwide (formerly and currently).

In particular, Sam Bankman-Fried, the founder of FTX, once one of the world’s largest cryptocurrency exchanges, recently met a drastic end. The collapse due to fraudulent activity has severely damaged the credibility of cryptocurrencies, sent decentralized assets plummeting to record lows and intensified the legal focus on cryptocurrencies.

while Sam Bankman-Fried was eventually sentenced.Another notable cryptocurrency founder who could count up to 100 years in prison is up to just that.

Less than a month after the FTX trial reached its logical conclusion, Changpeng “CZ” Zhao Pleaded guilty to criminal chargesHe paid a $4.3 billion settlement with U.S. authorities and stepped down as CEO of Binance.

Many in the industry are concluding that the two incidents draw a line under the problem that has plagued the cryptocurrency market. Despite this, the majority of the community continued to believe that the Binance managed switch would end or even eliminate the cryptocurrency’s initial bull era.

In contrast, the positive move to embrace Bitcoin Exchange Traded Funds (ETFs) has turned things around. After months of obscurity, the U.S. Securities and Exchange Commission (SEC) appears to have set a course. approval It is either a Bitcoin-focused exchange traded fund or a spot ETF.

Spot Bitcoin ​ETFs will further expand the adoption and awareness of digital assets by allowing traditional investors to gain exposure to digital assets without actually owning them. Cryptocurrency markets are notable for their volatility, but they still remain a “no-go zone” for those outside the Web3 community.

From another perspective, the past year has seemed like the calm before the storm, with no major market rallies. I can’t imagine a better time to introduce cryptocurrencies to traditional investors.

The excitement heated up significantly with the appearance of Federal Reserve Chairman Jerome Powell. said The U.S. central bank’s policy is “deeply in the restrictive realm.” Many interpreted this statement as showing the growing interest in cryptocurrencies from the point of their regulation and adoption.

In particular, the thrill of Bitcoin comes not just from ETF expectations. This is being fueled significantly by the asset’s fourth halving, scheduled for May 2024.

Halving means reducing miners’ rewards for evolving a block’s hash, but with only 21 million coins flowing across the web, it remains a cap on Bitcoin’s total supply. As a result, the halving will have a positive impact on the BTC price depending on its technical characteristics and previous trends.

“Many market participants are expecting strength to emerge sometime after the halving, but given the ETF news, it is very likely that most investors will see strength before sitting on the sidelines. Vijay Ayyar, vice president of international markets at cryptocurrency exchange CoinDCX, said this in an interview with CNBC.

But is this upside possible technically predictable?

As the Bitcoin rally fever enters the second stage of large-scale short selling, RSI shows 34 levels. Future predictions about Bitcoin’s bullish trend do not seem to find a place in investors’ strategies, but such estimates may be short-sighted.

In fact, Bitcoin plummeted to $43,000, against its SMA of 200, indicating that the bullish trend was not broken. With interest growing, it is likely that BTC will reach $50,000 by the end of the year.

Ali, a reputable investor, made a similar prediction. His post to, a push toward $47,300 sounds like a realistic forecast until the current support level is broken. In a worst-case scenario, Bitcoin will move towards the $38,000 level, which is another important area to watch.

that much a different perspective Quoted by Michaёl van de Poppe. A trusted analyst believes a correction is coming soon, saying the ETF launch will not cause the market to move “ballistically to $200,000 at a time.”

Nonetheless, investors are not ruling out a Bitcoin $50,000 scenario, and explain Such short-term peaks may be reached during ETF approval.

Ultimately, despite the prediction controversy, Bitcoin is likely to remain bullish, rising to $44,000 with a final correction featuring a slight price decline.

Nonetheless, the cryptocurrency market remains highly volatile, as do its external aspects. So, always do your research before investing and constantly look at the charts.

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