According to Coitnelegraph: Bitcoin's price has surged past the $41,000 mark, a level not witnessed since the highs of April 2022, in sync with gold's ascent to a new historic peak, clearing $2,100 during the Asian trading session on Monday, Dec. 4.
Bitcoin's speedy 2% jump in 24 hours signals a commendable 140% elevation since the start of the year, further indicating a likely continuation of bullish sentiment surrounding the digital asset.
Favorable future expectations for Bitcoin come from Markus Thielen, the research head at Matrixport, who anticipates Bitcoin to potentially breach $60,000 by April next year and approach $125,000 by the end of 2024. These projections pivot upon the historical precedent of price gains preceding halving events, anticipating a surge of over 200%.
Meanwhile, the intensifying speculation around a US spot Bitcoin exchange-traded fund (ETF) approval further fuels optimism. With 13 contenders, including industry heavyweights such as BlackRock and Grayscale, expectations are mounting in anticipation of a decision by the Securities and Exchange Commission (SEC).
Bloomberg's ETF analysts foresee a high likelihood of simultaneous approvals of all pending bids by Jan. 10, an outcome fostering a new era of institutional participation in Bitcoin, coupled with a probable boost in BTC price.
Sharing his views about these developments, Bitcoin analyst Willy Woo commented on X about the new highs in gold price, "It's very likely we are on the eve of a Bitcoin spot ETF.” He added, “When it launched, gold went on to an 8-year rally with no single down year between 2005 - 2012."
Hence, Bitcoin's surpassing of the crucial $40,000 threshold mirrors a bullish market sentiment ignited by the probable greenlighting of a spot Bitcoin ETF in January, alongside anticipated regulatory progress. Furthermore, Bitcoin's upcoming halving event is projected to provide backing for a bullish BTC price trend over the forthcoming five months.
