🚨🚨 Why is the cryptocurrency market growing right now? Breaking free to $41,500, Bitcoin now
The price of bitcoin has topped $41,500, a level not seen since late April 2022. On December 4, the most recent gain caused it to reach a 19-month high.
An jubilant attitude was described by Santiment, a crypto analytics business, as Bitcoin broke beyond the $40,000 mark. The company said that the increase was related to a mixture of anxiety and anticipation for impending Exchange-Traded Fund (ETF) confirmation dates.
With this recent surge, Bitcoin has reached a new all-time high. Since the year's start, it has climbed by almost 140%. It is important to remember, nevertheless, that Bitcoin is still 42% behind its all-time high, which was reached on November 10, 2021, of almost $69,000.
Notably, Markus Thielen, chief research officer of Matrixport, has made a bold forecast on the future path of Bitcoin. Thielen forecasted in a letter dated November 30 that Bitcoin will surpass $60,000 by April 2024 and reach an astounding $125,000 by the end of the year.
Citing historical evidence, Thielen notes that BTC usually enters a bullish cycle following three consecutive bear markets. This study indicates that the next three-year bull market, which is now underway, will start in 2023.
The forecast made by Thielen is closely related to the upcoming 50% reduction in Bitcoin mining profitability in mid-April 2024. In the past, miners have hoarded Bitcoin in preparation of these events, which has caused price spikes of more than 200%. Based on past trends, Thielen believes that Bitcoin will reach $125,000.
