In 2024, Bitcoin's price reached $94,618.80, with an increase of 117.68%. Where does this impressive figure come from? Let's analyze:
1. Bitcoin ETF and Impact
• Bitcoin ETF (Exchange-Traded Fund): This product allows traditional investors to invest in Bitcoin without directly owning or storing the digital asset. ETFs help attract capital flows from large financial institutions, providing legitimacy and increasing confidence in Bitcoin.
• Bitwise has submitted an application to the U.S. Securities and Exchange Commission (SEC) for the Bitcoin Standard Corporations ETF. If approved (as by the SEC in the U.S.), this could potentially be a major catalyst for price growth, as large funds could participate in investing, creating strong demand in the market.
2. Long-Term Accumulation Phase
• 7 Accumulation Months: This is a period when Bitcoin trades sideways or with minor fluctuations without significant breakthroughs. In technical analysis, the accumulation phase is often seen as a potential signal for a strong breakout when the price surpasses key resistance levels.
• With support from ETF news, those who patiently held Bitcoin during this period benefited from the breakout surge.
3. 'Trump Pump'
• This term may refer to the increase in Bitcoin's value due to factors related to economic or monetary policy. For example, if there are expectations of rising inflation or loose monetary policy under Trump, investors may view Bitcoin as a safe-haven asset.
• Additionally, Bitcoin often benefits from political or financial instability.
4. Market Outlook and Sentiment
• The post has a bullish tone, emphasizing that Bitcoin will 'go even further.' This reflects a positive market sentiment, with expectations for further growth after reaching significant milestones.
• However, investors need to be cautious of potential volatility. Strong rallies are often accompanied by corrections.
5. Conclusion
• If Bitcoin truly reaches the price milestone of $94,618.80, this would be an important milestone, marking the maturation and wider acceptance of the market.
• Bitcoin ETF could be one of the key factors supporting this growth, combined with market sentiment and macroeconomic factors.
Recommendations:
• Investors should monitor legal developments related to Bitcoin ETFs and macroeconomic trends.
• Implement strict risk management, as the volatility of the cryptocurrency market is always very high.
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