💲 Bitcoin Price Prediction 💲
BTC Market Cap Climbs Above $700 Billion for the First Time in 17 Months - Bull Market Back?
Bitcoin Breaks Records: A stellar 8% surge in the past week propels Bitcoin's market cap above $700 billion, hitting levels not seen in 17 months! Currently at $37,300, marking a 36% increase in the last 30 days.
Institutional Interest Soars: Anticipation of spot Bitcoin ETF approvals in the US by early 2024 drives this surge. ByteTree reports a record-high 863,434 BTC in investment funds.
📰 Market Dynamics: News of BlackRock exploring a spot Ethereum ETF tempers Bitcoin's rally, suggesting a shifting landscape. However, sentiment remains robust amid falling US yields and rising stock prices.
Bullish Predictions: Analysts project further upside, with Matrixport eyeing $42,000 on ETF approvals. Some foresee new all-time highs by mid-2024, anticipating an "acceleration phase."
Analyst Insights: JP Morgan warns of the rally looking overdone, citing priced-in factors. Yet, many analysts disagree, with targets set at $48,000 and beyond.
Price Predictions: Support around $36,000 remains strong. Targets include $40,000, April 2022 highs at $43,000, and March 2022 highs around $48,000.
Market Watch: Crypto traders await US CPI inflation and Retail Sales figures, potential catalysts for the next market moves.
