As Bitcoin price breaks the $38,000 barrier for the first time since May 2022, the crypto community is abuzz with anticipation: could $40,000 be the next milestone?
Currently trading at $37,790, marking a 1.25% increase on Saturday, Bitcoin is showing signs of a robust recovery. This resurgence aligns with PlanB’s projection, emphasizing an average BTC price of $100,000 from 2024, suggesting long-term optimism in the market.
Moreover, the impending introduction of a Bitcoin ETF is anticipated to unlock a staggering $70 billion in new demand, fueling further growth.
Adding to this bullish sentiment, CEOs of Australia’s leading crypto exchanges have expressed confidence in an approaching bull market, potentially setting the stage for Bitcoin’s sustained upward momentum.
PlanB’s Forecast: $100K Bitcoin on the Horizon Post-2024
Renowned crypto analyst PlanB, the creator of the stock-to-flow (S2F) family of Bitcoin price models, suggests that Bitcoin is currently in its “pre-bull market” phase, indicating that current price levels below $40,000 won’t last long. In a recent post on social media platform X (formerly Twitter), PlanB urged Bitcoin buyers to seize the opportunity to accumulate below $40,000.
Using realized price data, he highlighted that Bitcoin is likely to experience significant growth beyond its recent 18-month highs. The realized price, calculated by dividing the realized cap by the current supply, currently stands at just under $21,000. PlanB’s optimistic outlook aligns with the growing trend of six-figure predictions for Bitcoin, with $130,000 being a focal point for the end of 2025.
Waiting for lower? The time to enjoy cheap Bitcoin is now, @100trillionUSD says. https://t.co/bMng0BWZiO
— Cointelegraph (@Cointelegraph) November 24, 2023
The upcoming halving in April 2024 is expected to contribute to a return to around $46,000, according to additional analysis. The impact of this news on BTC prices could lead to increased buying activity as investors seek to capitalize on the anticipated upward trajectory.
Anticipating the Impact: Bitcoin ETF Could Unlock $70 Billion Surge
A recent report by on-chain data firm Glassnode highlights substantial unmet demand for a spot Bitcoin exchange-traded fund (ETF). Glassnode estimates that the approval of such an ETF could bring up to $70 billion in new capital into the Bitcoin market. The projection assumes a 10% shift from major stock and bond ETFs and a 5% move from gold ETFs to a Bitcoin ETF.
The report emphasizes the diminishing supply of Bitcoin available for trading to meet potential demand, with the percentage held by short-term investors hitting multi-year lows. The scarcity could amplify market volatility in response to ETF-driven capital influx.
#CryptoNews: A new report predicts up to $70 billion could pour into #Bitcoin if a spot #ETF is approved.
https://t.co/0B0A40J9SA
— CoinMarketCap (@CoinMarketCap) November 25, 2023
Approval of a spot Bitcoin ETF in the US could significantly enhance institutional access and demand for Bitcoin. Glassnode draws parallels with the impact of the first US gold ETF in 2003, which saw gold prices rise over 400% in the subsequent decade amid increased investment demand.
Australian Crypto Leaders Predict: A Bull Market on the Rise
Australia’s major cryptocurrency exchanges, including Independent Reserve, BTC Markets, Swyftx, Kraken Australia, and Binance Australia, are gearing up for a surge in market activity in early 2024, anticipating a bullish phase in the cryptocurrency market.
Adrian Przelozny, CEO of Independent Reserve, is preparing for rapid growth and increased activity, while Caroline Bowler, CEO of BTC Markets, cites various indicators of a bullish market, such as rising asset prices and growing user bases.
Swyftx’s product strategy head, Tommy Honan, notes increased buying activity driven by attractive market fundamentals, drawing in investors who were cautious during the bear market.
#CryptoNews: #Australia’s largest #crypto exchanges are anticipating a surge in market activity in early 2024 as the #cryptocurrency market enters a bullish phase.
https://t.co/0dcbveAzFg
— CoinMarketCap (@CoinMarketCap) November 24, 2023
Jonathon Miller, Managing Director of Kraken Australia, highlights positive developments like the upcoming Bitcoin halving and Ethereum’s Denouen upgrade, emphasizing the expanding institutional appetite alongside the focus on spot Bitcoin ETFs.
This optimism among major participants signals an increasing market attitude, which might positively effect BTC prices.
Bitcoin Price Prediction
Bitcoin‘s market presence remains robust as it hovers around $37,800, marking a slight 0.15% increase in the last 24 hours. Currently flirting with the pivot point of $37,975, Bitcoin is testing crucial resistance levels at $38,610, $39,250, and $39,800. These thresholds are key to determining the persistence of its bullish momentum. On the flip side, support levels are established at $36,935, $36,375, and $35,740, providing potential fallback positions.
The Relative Strength Index (RSI) stands at 58, indicating a bullish sentiment but stopping short of the overbought region, suggesting room for potential growth. The 50-Day Exponential Moving Average (EMA) of $37,150 is surpassed, adding to the bullish narrative.
In summary, Bitcoin’s current trend is bullish, particularly if it sustains above the $37,500 level. The short-term forecast anticipates a challenge to the immediate resistance levels.
However, given the volatile nature of the cryptocurrency market, influenced by global economic indicators and blockchain technology developments, investors and traders should approach with cautious optimism.
Staying informed and adaptable is key as Bitcoin navigates these pivotal price levels, which could set the tone for its near-future trajectory.
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