Bitcoin has surged to an impressive $45,201.91, hitting its highest value since April 2022. The cryptocurrency market has witnessed a whirlwind of activity in the past 24 hours, with the entire network liquidating an astounding $163 million. Bitcoin led the charge, accounting for $66.33 million of the liquidation, followed closely by Ethereum with almost $22 million, as per CoinGlass.
The latest data from CoinMarketCap shows that BTC’s current price is accompanied by a 24-hour trading volume of $23 billion, showcasing an extraordinary 50% increase. Over the past day, the leading cryptocurrency has marked a 6.13% surge, and in the previous seven days, it has risen by 4.17%. The yearly chart paints an even more impressive picture, with a remarkable 172.88% surge.
The surge in Bitcoin’s price is setting new records for 2024, merely two days into the year, hinting at the anticipation of an imminent approval of a spot Bitcoin exchange-traded fund (ETF).
Analyst Perspectives: Bitcoin Cooling Down Or Sustaining Momentum?
Bitcoin Technical Analyst CryptoCon, who had been bullish throughout 2023, now suggests a cooldown might be in order for the New Year. Predicting a 30% correction from the DMI overheat zone, CryptoCon hints at a potential dip to around $30,000. However, the analyst remains optimistic, citing historical data patterns and asserting that the drawdown might be less severe and shorter-lived compared to previous instances.
On the other side of the spectrum, Youwei Yang, chief economist of crypto mining firm Bit Mining, is bullish about Bitcoin’s future. Yang envisions a high of $75,000 for BTC by 2024, attributing the surge to an ETF approval and the impending May 2024 Bitcoin halving. Yang’s projections extend into 2025, suggesting a trading range of $45,000 to $130,000.
Despite these optimistic outlooks, Yang sounds a note of caution, emphasizing market volatility and the human tendencies of fear and greed. The economist underscores the significance of the ETF approval as the primary narrative for Bitcoin in 2024. However, he advises investors to approach the market with prudence, especially considering the recent collapses of major crypto firms like Luna and FTX, and the looming specter of an election year where crypto is likely to become a more prominent political issue.
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