Crypto News – According to CoinMarketCap data, the price of Bitcoin shot up quickly from $42,000 on January 1, up more than 6% in the previous day and 170% in the previous year.
Breaking News: Bitcoin Price Hits 45.000 Dollars, But ETF Approval Yet to Come
As of today, the second day of 2024, the price of Bitcoin is greater than it was in 2023 and represents a substantial new yearly high for the asset. The market is preparing for the SEC to approve one or more of the 14 ongoing applications for a spot Bitcoin ETF product, which is now awaiting a decision from the regulator. This is why Bitcoin’s price performance has occurred.
Bitcoin Could See $54.000
The possible short-term effects of an ETF approval on the price of Bitcoin continue to divide market observers. Due to declining implied volatility on Bitcoin options, analysts from the cryptocurrency options trading platform Greeks.live assert that Bitcoin won’t see a large rally on the day of approval.
Conversely, traders on X believe that Bitcoin is presently forming a “bull penant” after a month of consolidation at values close to $40,000. Scott Melkor, who has 925,000 followers on X, agrees. According to Melkor, Bitcoin might go as high as $54,000 in the days that follow the SEC’s possible approval.
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