Bitcoin price prediction: BTC crosses the $37,500 mark
Bitcoin price prediction: BTC crosses the $37,500 mark
On Thursday, Bitcoin consolidated above $37,000 and managed to regain some of the positions lost earlier. The price of Bitcoin (BTC) on the Bitstamp exchange today rose to a high of $37,774.
It is worth noting that the growth of the first cryptocurrency occurred despite the fact that the U.S. Securities and Exchange Commission (SEC) postponed the decision to convert the Bitcoin futures ETF into a spot ETF.
Crypto analyst James Seyffarth wrote on his X (Twitter) page about the delay in approving applications for three spot Bitcoin ETFs, including those from Hashdex, Franklin, and GlobalX. However, he says that there is a 90% chance that the SEC will approve the applications before January 10, 2024, so these delays should not be seen as a deterrent to launching a Bitcoin ETF.
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However, a number of analysts believe that Bitcoin will benefit from falling bond yields and rising stock prices, as well as a potential change in Federal Reserve policy, as the combination of these factors points to increased investor interest in risky assets.
BTC is currently up 5.45% and trading at $37,520, with the cryptocurrency market showing a high degree of caution and gradually probing the ground to move forward.
Tony Sycamore, an analyst at IG Australia Pty, notes that the Bitcoin market's collapse at the end of last week can be attributed to the "resetting of weak hands" due to the lack of sustained upward momentum. Sycamore emphasized that the event reflects a cautious approach among investors weighing the prospects of BTC in the context of its recent gains and broader expectations for events such as the approval of a spot BTC ETF in the crypto space.
Nevertheless, the CryptoCon analyst predicts further growth in the price of Bitcoin based on the theory of shortening cycles. In his opinion, the price of BTC will exceed $50,000 by May 2024, and in another year, the value of Bitcoin will reach $100,000.
JPMorgan analysts, on the other hand, expressed skepticism about the future growth of cryptocurrencies, suggesting that it is speculative rather than based on strong fundamentals.
All these divergences only underscore the cautious tone that now prevails in the cryptocurrency market.
Read also: Turkey will meet FATF requirements and adopt new crypto regulations.
