Bitcoin Price Attempts to Reach $35,000: Can BTC Succeed?

• According to the platform, the factors influencing Bitcoin’s price reaching $35,000 are transaction volume, internal volatility, market depth, and funding rates.
• Kaiko observed that the market didn’t seem to mind pushing Bitcoin’s price back after reaching $35,000, even though it’s at the highest level since May 2022.
• Although the Kaiko report states that the market reaction is consistent with the relevant Bitcoin price movements, experts have bullish expectations for Bitcoin in the long term.

Although the Bitcoin price has started a sudden rally, it has not yet managed to stay above the critical level of $ 35,000: What will happen next?

Bitcoin Price Trades Below $35,000

Crypto data analysis platform Kaiko shared its insights about the factors driving the recent rally in Bitcoin’s price. According to the platform, Bitcoin’s price reaching $35,000 depends on four different factors: transaction volume, internal volatility, market depth, and funding rates.

Kaiko noted that there has been a real change in the market structure for the first time in the last six months. The analysis platform stated that rumors about the fake approval of the Bitcoin spot ETF associated with BlackRock in the last two weeks had changed the game, even though there had been a slowdown in trading volume and low volatility during the summer.

As Bitcoin’s price reached the highest level since May 2022, Kaiko observed that the market didn’t seem to mind pushing Bitcoin’s price back. As part of its research, Kaiko mentioned that Bitcoin’s liquidity remained the same, even as trading activity increased. In particular, the platform noted that in the last two weeks, offers and bids of around 1% of the average price remained stable at around $100 million.

Kaiko mentioned that the market expects short-term volatility without a catalyst that will increase volume by December. However, there are several catalysts that could pique market interest, including news of a spot Bitcoin ETF from the SEC, which could excite the market.

Overall, Kaiko emphasized that Bitcoin’s correlation with stock indices, including the Nasdaq 100, had turned negative for the first time since July, indicating that Bitcoin’s price hasn’t gained immunity against geopolitical conflicts such as the Israel-Hamas war.

Bitcoin Predictions from Market Leaders

While the Kaiko report stated that the market’s reaction was consistent with Bitcoin’s price movements, experts have long-term bullish expectations for Bitcoin.

The author of “Rich Dad Poor Dad,” Robert Kiyosaki, labeled Bitcoin as one of the assets that investors should allocate to in order to escape an impending economic collapse. Alongside Kiyosaki’s recommendation for a 25% allocation to Bitcoin along with Real Estate, he has a price target of $135,000 for BTC.

In addition to Kiyosaki, market leaders like Ark Invest’s Cathie Wood believe that BTC ETF approval could act as a potential catalyst supporting Bitcoin’s price to reach $1 million by 2030. With Kaiko’s perspective and the broader market sentiment, whether Bitcoin’s price will continue to rally until the end of the year will be determined by the market.