Bitcoin price surpassed $38,000 as investors maintained a firm grip above critical support levels. Bulls have the overall near-term technical advantage due to a number of optimistic market sentiment indicators, including a spot Bitcoin ETF, a dovish US Federal Reserve, and Bitcoin halving.
On Friday morning, Bitcoin (BTC) surpassed the $38,000 threshold, sparking gains in the broader crypto market. Several significant tokens experienced a 5% surge within the previous twenty-four hours.
Bitcoin bulls on the march
As of the beginning of October, the total market capitalization has increased by approximately $400 billion, reaching $1.5 trillion, a level not observed since May 2022.
BTC is currently trading at $38,536.34 per coin on CoinMarketCap, with a 24-hour trading volume of $22,171,207,334.06. This is a 1.76% increase in the last 24 hours and a 1.98% increase in the last 7 days.
The global crypto market valuation is now $1.52 trillion, a 1.88% increase over the last 24 hours and a 69.6% increase over a year ago. BTC has a market cap of $755 billion as of today, signifying a 49.72% domination. Meanwhile, the market cap of stablecoins is $130 billion, accounting for 8.56% of the total crypto market worth.
According to Glassnode data, over 37,000 BTC worth $1.4 billion have been taken off exchanges since Nov. 17, indicating that investors are taking direct custody of their currencies.
The outflow is most likely due to a preference for long-term holding strategies. However, part of it could be attributed to Binance‘s guilty plea. The market is experiencing strong demand and weakening sell-side pressure as a result of the anticipated introduction of a spot exchange-traded fund (ETF) in the United States.
Exchange outflows have typically coincided with local price lows, lending credibility to expectations of a medium-term price rise.
Bitcoin price set to hit $60K In April 2024
Late Tuesday, BTC momentum began to surge after Federal Reserve Governor Chris Waller stated that recent statistics indicating a downturn in the economy and continued moderation in inflation demonstrated that present policies were in the “right spot.”
Waller also stated that if inflation continues to fall, a strong case is needed for rate decreases within the next few months.
Interest rate choices influence markets. Higher interest rates typically mean that risk assets such as stocks and cryptocurrencies suffer as investors take profits and invest in bonds.
According to Matrixport, Bitcoin’s bullish trajectory will reach $63,140 by April 2024. The firm anticipates a three-year bull market due to reasons such as historical tendencies, halving mining rewards, and favorable geopolitical and macroeconomic conditions.
Matrixport believes that Bitcoin will reach $125,000 by December 2024, following the halving of the currency. Institutional adoption will drive the next bull market.
According to the Nov 22 “Matrix on Target” forecast, Bitcoin will cross $38,000 by the end of November with an 80% chance, followed by a rally to $40,000 in December with a 90% chance. Massive trade volumes in the larger crypto market imply that investors and whales are purchasing amid the spot BTC ETF excitement.
Bloomberg also forecasted a strong chance of the BTC price reaching $40000 in December due to a number of positive variables such as expected Fed rate decreases and spot Bitcoin ETF approval.
Bloomberg Intelligence predicts that a number of US spot Bitcoin ETFs will be approved by the Securities and Exchange Commission by January. A resetting of rate bets or unanticipated snarls for ETFs might still crash Bitcoin, but for the time being, sentiment is positive.
