The Bitcoin price has exceeded 40,000 dollars and is currently trading at around $41,400, up 5% on 24 hours and 150% since the beginning of theyear. A outbreak powered by several factorsaccording to analysts.
While its share price had already risen sharply since mid-October, Bitcoin (BTC) exceeded the key level of 40,000. This price had not been seen since the end of April 2022, just before the collapse of the Terra empire, which more or less officially marked the start of this latest crypto winter.
Over 24 hours, the queen of cryptocurrencies has gained almost 5% to $41,400, at the time of publishing this article. Runner-up Ethereum is also accelerating by around 4% to $2250. The rest of the market is also in the green. PEPE, ORDI, FTT, LUNA record the best 24-hour performances.
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In 2023, Bitcoin has risen by over 150%, driven by several favorable winds. The crypto will achieve its 4th halving next April. The rewards distributed to miners will be divided by 2. This event generally pushes up asset prices.
Approval for a Bitcoin spot exchange-traded fund in the US would no longer be a question of if, but of when. For the experts at Bloombergthere is a 90% chance that regulator SEC will approve such a product by January. A large part of the crypto industry believes that a cash ETF would make it easier to invest in BTC and therefore drive up its price.
The US central bank’s less aggressive monetary policy would also fuel the current rally. The Federal Reserve left interest rates unchanged again last week.
Finally, global geopolitical tensions are said to be driving investors to other asset classes, including cryptocurrencies.
The ” conviction The “conviction” surrounding Bitcoin is now stronger than ever. The number of Bitcoin “accumulation addresses”, which had plummeted during the 2018 crypto winter, has indeed climbed during this bear market.
Bitcoin’s weekly Relative Strength Index, a momentum gauge, has closed above 75 for the past 2 weeks, signaling “overbought” conditions.
Nevertheless, the BTC price is still a long way from its end-2021 ATH of nearly $70,000. Factors that could threaten the current rise include the future distribution of Mt. Gox and token sales by FTX or the US government.
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