Bitcoin is above the mark of $45k at the time this article is being drafted. More specifically speaking, the token is dancing around $45,682.82 with an increase of 6.85% in the last 24 hours. However, the community is still dubious about which way BTC can go in the coming days. Some speculate that the token will be on a bullish spree, while others are certain that bearish sentiments can still not be ruled out.
ETF, Halving, holidays, and Technical Aspects are just a few factors boosting bullish sentiments.
To begin with, the SEC is likely to approve Spot Bitcoin ETF applications from companies like BlackRock and Fidelity on January 10, 2024. This is speculation, and the actual decision may land on another side. Meaning, the Commission could reject the request by asset managers despite most of them revising their proposals per the SEC’s recommendations.
An approval would pave the way for a seamless way to trade Bitcoin, just like stocks on a stock exchange. It will be well structured and regulated for investors to expand their portfolios.
Next, the Halving event is tentatively scheduled to happen in the middle of 2024. It will cut down on the rewards for Bitcoin miners. Thereby, bringing down the total supply and increasing the price instantly. Needless to say, it only carries the potential to fuel up the price of BTC.
The holiday season has ignited a sense of optimism among traders. They are re-entering the market with a fresh mind, seeing how much BTC has gained during the holiday season. Finally, technical aspects pertain to BTC holding the safety mark of $43k for a sustained period of time. The window is undefined, but it can trigger a long-term breakthrough for the community.
That said, two factors could pull down the enthusiasm of crypto investors. These are regulations and global economic conditions.
Most of the major economies are struggling to calm inflationary situations. Any further fallout and an inflow into the cryptosphere would be in turmoil. A better and more stable economy creates a more supportive environment for capital inflow in the digital sphere.
Regulatory authorities across the globe are close to recognizing the power and impact of crypto mechanics. There is still some scope that bad news may hamper the growth, considering several network hacks have drained funds from the community. Also, platforms must follow AML-related acts and guidelines to have their URLs function in the region where they operate.
The SEC is neutral and is watching how things roll out. If there is any negative statement, things will start flowing in another direction.
Assuming all the conditions align, BTC could surpass the milestone of $50,000 this week and then its ATH by the end of this year. As a matter of fact, the mark of $100k is in the picture as well, but it is due to be achieved only in 2025 or in the years that follow.
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