Here’s Why Bitcoin (BTC) Price Surges to $37,000 Today
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Bitcoin price surged to $36,700, likely driven by anticipation of the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin ETF and a bullish trend in the cryptocurrency market.
Starting today, the U.S. Securities and Exchange Commission has a six-day decision period to approve multiple Bitcoin ETF applications.
High-profile predictions suggest that the price of Bitcoin could soar to between $200,000 and $350,000, driven by factors including social unrest and the 2024 halving event.
After a few days of relatively low volatility, the price of Bitcoin is starting to climb again. A few hours ago, it hit an 18-month high above $36,700 (according to CoinMarketCap).
While this sounds like good news to the bulls, it’s worth looking at the main reasons for the recent rally.
One possible factor could be the pending spot Bitcoin exchange-traded fund (ETF) applications filed by numerous financial giants such as BlackRock and Invesco over the past few months.
Bloomberg ETF analysts James Seyffart and Eric Balchunas claim that starting today (November 9), the U.S. Securities and Exchange Commission (SEC) has six days to approve or reject the ETF.
Another factor driving Bitcoin higher could be the overall bullish conditions in the market. Most digital assets have surged in the past 24 hours, while the global cryptocurrency market capitalization has jumped to $1.4 trillion.
Bitcoin has had a pretty successful year so far, with its valuation up more than 120% since January 1. However, several experts believe that this is just the beginning of a further rally that could push Bitcoin to new heights.
Two prominent figures who have spoken out about this are Max Keizer (Chairman of Salvadoran Bitcoin mining startup Volcano Energy) and Michael Saylor (Executive Chairman of MicroStrategy).
The former believes that the leading digital asset could surge to $200,000 following possible social unrest, while the latter believes that BTC will trade above $350,000, driven by the 2024 halving event.
