#Bitcoin has crossed the $45,000 threshold for the first time in over two years. This development comes on the eve of the potential approval of the first spot Bitcoin #ETF in the United States.

Rapid Rise in Bitcoin Value

Since the beginning of 2024, Bitcoin has surged from a price level of $42,000. Over the last 24 hours, it has recorded a growth of more than 6%, and over the past year, it has seen an astonishing 170% increase, according to data from CoinMarketCap.

 

Bitcoin is up 6% in the last 24 hours and 171% in the last year. Source: CoinMarketCap

Historically High Price for the New Year

The current Bitcoin price is the highest we've seen since 2023, representing a significant new annual peak just two days before the start of 2024.

 Anticipation of ETF Approval

The rise in the price of Bitcoin is closely tied to the expectation that the Securities and Exchange Commission (SEC) will approve at least one of the 14 applications for a spot Bitcoin ETF product. We are currently awaiting the regulator's decision.

 History above $45,000

The last time Bitcoin traded above $45,000 was nearly 20 months ago, specifically on April 5, 2022, when it reached a price of $45,241. Subsequently, it entered a prolonged bear market that saw Bitcoin drop to as low as $15,600, as per TradingView data.

 

Bitcoin is trading above $45,000 for the first time since April, 2022. Source: TradingView

 Views on ETF Impact on Bitcoin Price

Market experts remain divided on the potential short-term impact of ETF approval on the price of Bitcoin. Analysts from the cryptocurrency trading platform Greeks.live argue that there won't be a significant price rally on the day of approval due to decreasing implied volatility of Bitcoin options.

 On the other hand, traders on platform X, where Scott Melkor shared his opinion with his 925,000 followers, believe that Bitcoin is currently forming a "bull flag" after a month of consolidation around the $40,000 level. Melkor predicts that, following SEC approval, Bitcoin could reach as high as $54,000 in the days ahead.

 

 

Meanwhile, VanEck advisor Gabor Gurbacs anticipates that initial spot Bitcoin ETF products may be seen as a "disappointment" by broader market standards. However, he believes that these products will ultimately attract trillions of dollars to the cryptocurrency space in the coming years.

#BTC #SpaceCatch #crypto2024SpaceCatch

 Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“