Bitcoin A Tad Closer To $40,000 – Is $41K The Next Stop In A Few Days?

Christian Encila

1 year ago

3 mins read

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Maintaining its lofty position—the highest it has reached in the last 18 months—Bitcoin is once again on the edge of a potential price increase.

With a notable 10% gain over the previous month and more than a doubling of its value over the same period last year, the markets valued Bitcoin (BTC) at over $38,600 on Friday morning.

The alpha coin’s supporters credit its strong success thus far to the excitement around spot Bitcoin ETFs, like the one put up by BlackRock, which might be approved at any time.

During European morning hours on Friday, Bitcoin almost reached the coveted $40,000 mark, hitting $38,810 for the first time since May 2022. Expectations of increasing institutional demand have supported the increase, which is a continuation of a solid multi-month run.

Data from cryptocurrency market tracker Coingecko indicates that the coin is up approximately 2% on the day, and sustaining a 3% gain in the last seven days.

Expert Predictions For Bitcoin: What They Say

Experts are becoming increasingly fixated on the ETF, as approval of the product approaches. An important piece of information comes directly from Bloomberg analyst James Seyffart, who projects that the clearance date would occur between January 5 and January 10, 2024.

This projection follows a string of purposefully extended deadlines, indicating a concerted attempt by the SEC to accept several ETF applications at the same time.

Okay the window for potential spot #Bitcoin ETF approval is looking like its gonna be between Jan 5 & Jan 10 2024. I spoke with @thomasg_grizzle & @ScottW_Grizzle this morning and nailed this call. https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH

— James Seyffart (@JSeyff) November 30, 2023

Seyffart’s analysis focuses on the timelines for Hashdex and Franklin Templeton, suggesting that the timeline to green light all 12 spot Bitcoin ETF applications may coincide between January 5 and 10.

The founder and chief market strategist of NorthmanTrader, Sven Henrich, offered his predictions for the present and future of the Bitcoin market. He examined short-term forecasts, the structural soundness of the market, and made comparisons with past market patterns.

BTCUSD currently trading at $38,806 on the daily chart: TradingView.com

Henrich projected a possible shift to between $41,000 and $43,000, especially as the year came to a finish. He did, however, stress the need for caution because of the cryptocurrency’s association with more general market trends, particularly in the tech industry.

Mike Novogratz, a well-known businessman and cryptocurrency advocate, expressed unrelenting optimism about the trajectory of Bitcoin and attributed his positive perspective to the much anticipated approval of a spot Bitcoin ETF.

Is $41K The Next Stop For Bitcoin?

Novogratz thinks that Bitcoin’s value will go through the roof if big financial entities like BlackRock and Fidelity start to use it, which will cause its price to reach all-time highs.

The bitcoin community is growing increasingly optimistic that the price of the cryptocurrency may rise to $41,000 in the next few days as it approaches the $40,000 threshold. Because of the market’s volatility, traders are constantly on the lookout for the next move.

It is unclear if Bitcoin will run into resistance or continue on its current upward trend. By constantly observing price charts and market indicators, investors prepare themselves for the dynamics of the market as they develop.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.