- On Friday morning, Bitcoin nearly reached the desired threshold of $39,000. The increased expectations of institutional demand support this rise, marking a robust monthly uptrend.
- According to data, the cryptocurrency increased by approximately 2% during the day, sustaining a 3% increase over the past seven days.
- Sven Henrich, founder and chief market strategist at NorthmanTrader, shared predictions for the current state and future of the Bitcoin market.
Bitcoin price approaches the $39,000 level, leading to increased positive sentiment: What will be the target after $40,000?
Bitcoin Price Triggers a Significant Uptrend
Maintaining its position at the highest level in the last 18 months, Bitcoin is on the verge of a potential price surge. After gaining a notable 10% last month and doubling its value compared to the same period last year, markets evaluated Bitcoin (BTC) above $38,600 on Friday morning.
Supporters of Bitcoin attribute its significant success so far to the excitement surrounding spot Bitcoin ETFs, which could be approved at any moment, such as those by BlackRock. On Friday morning, Bitcoin nearly reached the desired threshold of $39,000. Increased expectations of institutional demand supported this rise, marking a continuation of a robust monthly uptrend.
According to data, the cryptocurrency increased by approximately 2% during the day, sustaining a 3% increase over the past seven days. As the approval date for the ETF approaches, experts are increasingly focusing on it. Important information from Bloomberg analyst James Seyffart suggests that, after a deliberately extended series of deadlines in July, the SEC’s efforts to accept several ETF applications simultaneously could be seen. Seyffart stated:
“The potential window for the approval of a spot Bitcoin ETF seems to be around January 5-10, 2024.”
Seyffart’s analysis, focusing on timelines for Hashdex and Franklin Templeton, suggests that the approval dates for 12 spot Bitcoin ETF applications could coincide with January 5-10.
Sven Henrich, founder and chief market strategist at NorthmanTrader, made predictions about the current state and future of the Bitcoin market. Focusing on short-term predictions, market structural integrity, and comparisons with historical market models, Henrich predicted a possible transition between $41,000 and $43,000, especially as the end of the year approaches. However, he emphasized the need for caution due to Bitcoin’s relationship with general market trends, especially in the technology sector.
Mike Novogratz, a well-known businessman and cryptocurrency advocate, expressed ongoing optimism about the future of Bitcoin and tied his positive perspective to the highly anticipated approval of a spot Bitcoin ETF.
Is $41,000 the Final Stop for Bitcoin?
Novogratz believes that if major financial institutions like BlackRock and Fidelity start using Bitcoin, it would lead to historical highs in its price. With Bitcoin approaching the $40,000 threshold, the cryptocurrency community carries an increasingly optimistic sentiment that its price could rise to $41,000 in the coming days. Traders are preparing for market dynamics by consistently observing the next move.
