Bitcoin Could Reach $48K by New Year’s Day
Bitcoin has recently surpassed the $34,000 mark, leading one strategist to predict that it could continue to climb and potentially reach $48,000 by the start of next year. This surge in price has sparked speculation about another bull run for the cryptocurrency.
Bitcoin Dominance Reaches 2.5-Year High
The dominance of Bitcoin over other altcoins has been steadily increasing and recently exceeded 53%, a level not seen in over two years.
Positive Technicals for Bitcoin Uptrend
Bitcoin has not traded above $30,000 since July and has not surpassed $32,000 since May 2022. However, technical analyst Kempenaer believes that Bitcoin will test the resistance level of $47,000 to $48,000 before the end of the year.
Past performance suggests that rallies like the recent breakout often lead to significant upward momentum for Bitcoin. The last time Bitcoin experienced an upward trend above $32,000 was in July 2021, which was followed by a surge to its all-time high of $69,000 in November 2021.
Upcoming Halving and Lower Fed Rates Support BTC
The possibility of a Bitcoin ETF approval by the SEC has caused excitement in the market. A court ruling stating that the rejection of a spot Bitcoin ETF application is inconsistent with approvals of futures ETFs has given traders hope.
The SEC’s changing stance towards Ripple Labs and the ongoing FTX fraud trial have also contributed to positive sentiment in cryptocurrency markets. Additionally, investors are anticipating the upcoming halving next spring, which will reduce new BTC supplies for the next four years. The expectation of lower interest rates from major central banks further supports Bitcoin’s price.
Hot Take: Bullish Outlook for Bitcoin
With Bitcoin’s recent price surge, positive technical indicators, and upcoming events such as the halving and potential ETF approval, there is a growing bullish sentiment surrounding the cryptocurrency. Many analysts believe that Bitcoin has the potential to reach new highs in the coming months, with some predicting a price of $48,000 by New Year’s Day. As we enter the winter season, it seems that the crypto market is thawing out from its long winter and heating up for a potentially exciting period ahead.
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