coinculture.com
On December 3, Bitcoin experienced a surge from below $39,500 to cross the $40,000 threshold, reaching a peak not seen since late April 2022, as indicated by CoinGecko data. This achievement also signifies a new year-to-date high for Bitcoin, which has seen a remarkable 140% increase since the beginning of the year. However, it is worth noting that Bitcoin remains down approximately 42% from its all-time high of over $69,000 on November 10, 2021.
Matrixport’s head of research, Markus Thielen, made a prediction on November 30, anticipating that Bitcoin would surpass $60,000 by April of the following year and reach $125,000 by the close of 2024. Thielen based this forecast on historical trends, citing the previous three crypto bear markets that were succeeded by three-year bull cycles. He emphasised that 2023 is expected to be the inaugural year of this new bull market.
Thielen pointed to the historical pattern of Bitcoin mining rewards halving, stating that such events have typically been bullish for the cryptocurrency. With the next halving anticipated in mid-April 2024, he noted that miners traditionally accumulate Bitcoin prior to halving, leading to a significant price increase, potentially propelling Bitcoin to $125,000.
This surge in Bitcoin’s price coincides with speculation surrounding the imminent approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S.
Currently, there are 13 applicants for a spot Bitcoin ETF in the U.S., with the most recent filing coming from Swiss asset manager Pando Asset on November 29. All applications are pending approval by the Securities and Exchange Commission (SEC), and there is a consensus among Bloomberg ETF analysts that there is a 90% chance of simultaneous approval for all pending ETF bids by January 10