As cryptocurrency buyers get back in action, the price of Bitcoin has surpassed the $36,000 mark, up 123% year to date. Multiple catalysts are supporting the continued rise in Bitcoin prices and driving a bullish recovery in the coming months.

Assuming a Bitcoin spot ETF is approved this month, the Bitcoin halving event is expected to arrive in 2024, and institutional interest increases, digital asset prices will continue to rise. In addition, the significant improvement in overall market sentiment suggests that new 52-week highs will continue to be set this year.

Keep buying more Bitcoin!

Long-term Bitcoin holders have seen huge profits in the past four weeks, with a quick 63% return. The largest public holder of Bitcoin, Michael Saylor’s MicroStrategy (MSTR), has seen massive unrealized gains of over $1.1 billion. As of November 1, the company held 158,400 Bitcoins at an average price of $29,609.65.

Moreover, the bullish influence spread to the New York Stock Exchange, with MicroStrategy (MSTR) shares up 49% in the past 30 days. Beyond the 34% rise in Bitcoin prices, the company’s stock has performed better and continues to bet on Bitcoin.

In a similar vein, Robert Kiyosaki, the author of Rich Dad, Poor Dad, continues to promote the idea of ​​holding gold, silver, and Bitcoin.

BTC price chart shows 52W new high above $75K

The weekly timeframe chart shows that Bitcoin price has been rising steadily since the beginning of 2023. Investors can track this trend through the formation of a rising wedge pattern, the two trendlines of which provide dynamic resistance and support for market participants.

However, with the positive sentiment surrounding the approval of a Bitcoin spot ETF, the Bitcoin price has continued to maintain strong momentum since the second week of November. As a result, from the low of $34,542 on November 7, the coin price has surged 10% in the past 4 days and hit a high of $38,000.

During this rally, the coin price broke above the resistance trendline of the aforementioned wedge pattern and is currently trading at $37,100. Bitcoin price has seen a bullish breakout from a chart pattern that was only biased to the upside, reflecting the confidence of buyers for a more aggressive rally.

If BTC price shows sustainability, buyers can extend the recovery trend by 24% to reach the $46,000 mark.

A notable development in this expected rally is that BTC price will recover 50% of the losses from the downtrend from November 2021 to December 2022. This reflects an early sign of a trend reversal.

On a larger timeframe, the expected rally could break above the $46,000 supply area. The price of Bitcoin could spark a new bull run to a new 52-week high, potentially reaching $76,200.

On-chain data reflects bullish impact on Bitcoin price

As the price of BTC has surged, the number of daily transactions on the BTC network has also seen a significant increase. In theory, an increase in asset transactions is one of the fundamental growth factors for the network. This data can give you insight into the usage and activity levels of the network.

Daily transactions have increased significantly from a low of 251,923 on October 15 to 523,831 on November 10, indicating increased participation in the Bitcoin network and growing adoption.

Bitcoin ETF hits record high

With Uptober enthusiasm as high as ever, the cryptocurrency market is extremely bullish after October 2023. The approval of the futures-based ProShares Bitcoin Strategy ETF (BITO) in October 2021 was a key highlight in the Bitcoin ETF journey. It launched as one of the strongest ETFs ever, surpassing $1 billion in assets in just two days, and continues to attract interest.

According to ByteTree data, the number of Bitcoin funds under management reached 863,434 BTC, a record high. Digital asset funds broke through the old high since April 2022 and attracted a large amount of capital inflows in the past few weeks. Driven by the increased chances of obtaining a green signal from the U.S. Securities and Exchange Commission, the large inflows indicate strong underlying demand.

Another bullish halving theory

As an alternative catalyst behind the ongoing recovery and institutional interest, the Bitcoin halving is a key event. The conditions pre-programmed into the Bitcoin blockchain by its creator, Satoshi Nakamoto, cut mining rewards in half.

In the upcoming "halving" event, the reward for creating new blocks will be cut from 6.25 BTC per block to 3.125 BTC. As a periodic event, the halving occurs after 210K blocks are mined or every 4 years. The event will continue until the full supply of 21 million is met.

The Bitcoin halving in April 2024 has proven to be a huge bullish catalyst for the entire cryptocurrency market. The Bitcoin price has a track record of providing massive returns after halvings due to increased demand caused by a reduction in supply.

Is it worth buying Bitcoin now, or is it too late?

Many retail investors regretted not buying Bitcoin when it hit a low of $16,000 last year as the BTC price continued its positive trend in 2023. Considering the triple-digit gains so far this year, the meta-cryptocurrency Bitcoin surpassed the $37,000 mark.

Furthermore, the aforementioned catalysts will continue to fuel Bitcoin’s bullish rally. Hence, it might surpass its all-time high of $69,000 in 2023. In the long run, the Bitcoin price prediction for the coming year will see it surpass the $100,000 mark.

In short, there has never been a better time to buy Bitcoin.

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