- Bitcoin price has surged this year by 170%, pushing prices strongly above key support levels.
- Fed Chairman Jerome Powell clearly outlined plans for three interest rate cuts in 2024 as inflation cools.
- Crypto expert and BitMEX co-founder Arthur Hayes claims there is no excuse not to be bullish on crypto.
Several key factors confirm that Bitcoin price could reach a new All-Time High (ATH): Here are the details!
Possibility of a New ATH for Bitcoin Price
Bitcoin price has surged this year by 170%, pushing prices strongly above key support levels. Currently, traders anticipate another upward move, expecting to close the year around $50,000. There are several crucial factors indicating that Bitcoin and the crypto market could reach a new All-Time High (ATH) in the coming months.
Firstly, traders, individual investors, and institutional investors are now confident in the next moves of the US Federal Reserve after it left interest rates unchanged in Wednesday’s FOMC meeting. Fed Chairman Jerome Powell clearly outlined plans for three interest rate cuts in 2024 as inflation cools.
Crypto expert and BitMEX co-founder Arthur Hayes claims there is no excuse not to be bullish on crypto. He reiterates that Bitcoin price will reach $1 million and refers to a Bloomberg report stating that traders should go full throttle in response to the policy shift in 2024.
“How many times do they need to tell you that fiat next to you is dirty garbage? Believe in the Lord, and he will set you free,” said Arthur Hayes.
Secondly, the 10-year US Treasury bond yield dropped below 4% for the first time since August, reviving bullish market sentiment. Furthermore, the US Dollar Index (DXY) fell to 102.28 as the central bank entered a ‘dovish’ period despite inflation still being above the 2% target.
Bitcoin’s halving is now just a few months away, and investors are bullish enough to seize every buying opportunity. According to the NiceHash counter, Bitcoin halving is expected to occur on April 12, 2024. The mining reward will decrease to 3,125 BTC.
On-chain data is progressing positively
On-chain data shows increasing bullish sentiment and crypto exchange volumes. The Bitcoin Coinbase Premium Index indicates strong buying pressure on Coinbase. Additionally, Bitcoin open interest (OI) on top derivative exchanges like CME and Binance is increasing again. Traders are taking a long-term view on cryptocurrencies. However, traders may expect volatility in the coming days.
High expectations for the SEC approval of a Spot Bitcoin ETF in January and increasing digital asset inflows confirm a significant rally in Bitcoin price. Matrixport Research predicted that the BTC price would reach $60,000 before the Bitcoin halving. The crypto market could witness improved regulatory clarity with reduced regulatory uncertainty, lawsuits, and other conflicts.
