Bitcoin Surges Close to 18-Month High
Bitcoin is experiencing a fourth straight week of growth, with the price just shy of hitting $38,000. The surge comes as more investors bet on US exchange-traded funds (ETFs) that hold the largest cryptocurrency, anticipating regulatory approval.
Positive News and Resistance
Internal references to the current Bitcoin rallies are being called “nothing for sale” rallies. This means that even the smallest positive news, particularly ETF-related news, has little resistance to the upside. Bitcoin is also showing a strong price base it developed post-FTX.
Rising Prices and Speculation
On Friday, Bitcoin rose by as much as 2.5% to $37,465, coming close to $38,000 on Thursday. There are growing speculations that approval for Bitcoin ETFs may be imminent by Jan. 10. The surge in Bitcoin has also caused other cryptocurrencies like Terra and FTXβs native token, FTT, to experience significant increases in value.
Positive Economic Outlook
Cryptocurrencies are benefiting from an evolving economic outlook as stock prices rise and bond yields fall. As a result, there is a rising appetite for riskier assets such as crypto.
Long-Term Prospects
While Bitcoin is only halfway toward reclaiming its 2021 peak of close to $69,000, experts like Matt Hougan from Bitwise Asset Management remain bullish about its long-term prospects. Despite short-term uncertainty, he believes that new all-time highs are likely over the next year.
Hot Take: Crypto Surge Continues Amidst Positive Economic Indicators
The surge in Bitcoin and other cryptocurrencies continues amidst growing anticipation of regulatory approval for ETFs and an evolving economic landscape that favors riskier assets such as crypto. Despite only being halfway to its 2021 peak, experts remain optimistic about Bitcoin’s long-term prospects, predicting new all-time highs over the next year.
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