Bitcoin price crossed the $41,400 mark on Binance, in its ongoing uptrend, on December 5. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
The rising demand for BTC among institutional investors, ahead of the Spot ETF approval and ordinals, tokens created in accordance with the BRC-20 token standard are other catalysts fueling Bitcoin price uptrend.
Bitcoin price could rise to $50,000
The crypto analyst looks at the trend that has been repeating itself for the past three cycles and predicted a pullback to the $42,000 point after BTC hit $45,000.
BTC/USD 1-month value chart
The cryptanalyst’s prediction is @Pentosh1 @rektcapital. The analyst identified the $40,000 to $42,000 point as the vital high point for Bitcoin, marking it as a high point in the ongoing cycle. The analyst believes that $36,300 is the intermediate resistance point and BTC’s value can sit between $31,000 and $32,500.
BTC/USDT 3-day chart
The value of Bitcoin is $41,323 on Binance, at the time of writing. BTC’s value has increased by 10% over the past week and has generated nearly 4% in profits for holders.
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Coinbase has about $114 billion in assets under management, which is less than the total price set in the DeFi market, which is around $117 billion. However, when comparing quarterly performance, Coinbase takes a step forward.
MakerDAO has consistently maintained a strong foundation in the area of decentralized finance (DeFi) for a long time. The protocol also has a really extensive dominance in the crypto market, its local token MKR and its stablecoin DAI.
Bitcoin is heading into one of the most important years in its history as two major events are expected to cause the virtual asset to skyrocket. Prior to that, crypto market data provider Messari gave its take on what 2024 may bring to Bitcoin, and at first glance, listings may top the year.
Spot Bitcoin exchange-traded budget (ETF) registrants will have to submit their amended BTC ETF deposits for approval by Dec. 29, and the U. S. SEC will have to submit their amended BTC ETF deposits for approval by Dec. 29. The U. S. Department of Homeland Security mentioned that if deposits involve “in-kind” (cryptocurrency refunds) in your deposits, you will be rejected. Just when experts were about to squander hope, Ark 21Shares filed its Fifth Amendment.
The value of Bitcoin (BTC) has been bullish in 2023, emerging as it attempted to regain the floor lost following last year’s Terra (UST) and FTX crashes. The trajectory took shape despite a turbulent year, with BTC riding the wave of macroeconomic and trade events.
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