Bitcoin’s bullish run is making a comeback, and the market is being swept up in a wave of euphoria. The cryptocurrency recently reached a staggering annual high of nearly $35,400, its strongest value since May 2022, causing quite a stir on Wall Street.
One of the major factors driving this rally is the anticipation surrounding Bitcoin Spot ETFs that could soon be traded on US exchanges. Rumor has it that the SEC, the guardian of the US capital market, is poised to give its approval. The investment community is eagerly awaiting this milestone, even before the leaves have fallen from the trees in December.
According to crypto chart enthusiast and analyst Michaël van de Poppe, if Bitcoin can hold its ground above the $34,800 price zone, the next resistance level would be around $36,500 to $37,000. When Bitcoin starts scaling new heights, the entire crypto ecosystem seems to come alive with energy and follow suit.
In a recent tweet, Michaël hinted that Bitcoin could potentially reach $50,000 even before the 2024 bitcoin halving event, which occurs every four years and is highly anticipated by cryptocurrency enthusiasts.
However, after this impressive climb, Michaël suggests that Bitcoin may take a breather, consolidate its position, and potentially prepare for even higher peaks.
At the time of writing, the price of Bitcoin was quoted at $34,621.10, reflecting a 0.4% increase in the last 24 hours.
Please note that the views expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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