Bitcoin Price Sprint To $40,000 – Is It Happening Now?

Christian Encila

Last Updated: October 26, 2023 6:02 am

4 mins read

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As the price of Bitcoin surges with its sights set on breaching the $40,000 mark, a wave of optimism is sweeping through the crypto community.

Blockchain data from Santiment offers a glimpse into the fervor and growing confidence among traders, largely fueled by the anticipation of a potential green light for a Bitcoin spot exchange-traded fund (ETF) in the United States.

This week, the leading cryptocurrency reached a significant milestone by scaling heights slightly above $35,000 for the first time in 2023.

With a solid support level at $33,000, traders have been consistently building new positions, anticipating yet another breakout beyond the $35,000 threshold.

🤑 Traders are euphoric and showing major signs of #FOMO. $BTC‘s now +19% 1-week rise, and surging market caps have registered a high level of greed keywords. For more rising, trader #FUD is necessary. Markets historically rise when traders least suspect. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59

— Santiment (@santimentfeed) October 24, 2023

The current Bitcoin price, according to CoinGecko, stands at $34,750, with a 24-hour rise of 2.0% and an impressive seven-day rally of 23.2%.

The climb beyond $35,000 is a crucial juncture. A successful retest of this resistance level could potentially confirm a path toward the $40,000 mark.

This move might signify the commencement of a pre-halving rally, a scenario that excites many Bitcoin enthusiasts.

BTC price action in the last seven days. Sourced: Coingecko

Investors Load Up On Bitcoin Ahead Of Bull Market

James V. Straten, a research and data analyst, sheds light on the mounting enthusiasm among investors as they eagerly accumulate BTC in preparation for the impending bull market.

Over the past 30 days, holders across various categories, including miners and exchanges, have absorbed a staggering 103,000 Bitcoin, according to Straten.

🤑 Traders are euphoric and showing major signs of #FOMO. $BTC‘s now +19% 1-week rise, and surging market caps have registered a high level of greed keywords. For more rising, trader #FUD is necessary. Markets historically rise when traders least suspect. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59

— Santiment (@santimentfeed) October 24, 2023

The prevailing sentiment is unequivocally bullish, with a growing consensus that a spot Bitcoin ETF listing in the United States is becoming increasingly likely. Darius Tabatabai, the co-founder of decentralized exchange Vertex Protocol, commented on this prospect, stating:

“Sentiment is clearly bullish as more and more signs start to reveal what appears to be a likely, imminent listing for a spot Bitcoin ETF in the US.”

Bitcoin moving past the halfway mark to $35K. Chart: TradingView.com

Adding Fuel To Crypto Fire

Matthew J. Maley, the chief market strategist at Miller Tabak + Co., LLC, in a Bloomberg report points out another factor contributing to the crypto rally: geopolitical tensions.

Maley believes that investors are beginning to see cryptocurrencies as an essential currency sooner than anticipated due to the escalating geopolitical conflicts worldwide.

He said:

“I think investors are thinking that the increase in geopolitical hotspots in the world is raising the odds crypto will be an important currency quicker than they thought previously.”

As Bitcoin continues its ascent, both speculative optimism and real-world events are converging to shape the narrative, leading many to believe that BTC’s journey beyond $40,000 may not be far off.

Whether it’s the promise of a Bitcoin ETF or the shifting landscape of global affairs, Bitcoin remains in the spotlight, attracting increased attention from a broad spectrum of investors.

Featured image from Quora

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.

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