Bitcoin Price Surpasses Terra-LUNA Crisis Level
The price of Bitcoin has surged, reaching a high of $37,150, but it has now retraced to near the $36,700 level. This retraction is a result of shorts liquidation in the last 24 hours. Analysts predict that Bitcoin is only halfway away from reclaiming its 2021 high of $69,000, which they expect to happen next year.
Bitcoin Completes Recovery from Terra-Luna Crisis Level
Bitcoin has successfully completed its full recovery to the Terra-Luna crisis level exactly a year after Sam Bankman-Fried’s exchange FTX filed for bankruptcy. Markus Thielen, head of research at Matrixport, stated that “With Bitcoin trading back above the level when the Terra stablecoin imploded, crypto traders have officially moved on from those psychological scars.”
Challenges in the Crypto Market
The crypto market has been facing challenges such as the steepest monetary tightening by the U.S. Federal Reserve in four decades, stringent industry regulations, and heightened scrutiny. Despite these obstacles, Bitcoin saw upside moves during the Santa Claus rally earlier this year and the banking crisis in March.
Catalysts Fueling the Rally
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas believe that there is a 90% chance of approval for spot Bitcoin ETF by Jan. 10. According to Josh Gilbert, market analyst at trading and investing firm eToro, besides the ETF trigger, bets that the US Federal Reserve is done with rate hikes for now and an upcoming Bitcoin-halving next year are fueling the rally.
Crypto analyst Michael van de Poppe predicts that Bitcoin may reach between $45,000-50,000 pre-halving.
Hot Take: Potential of Future Technologies
The potential of innovative future technologies is huge. It is important to do thorough market research before investing in cryptocurrencies as it is subject to market conditions. The author or publication does not hold any responsibility for your personal financial loss.
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