“The unprecedented rise of Bitcoin in recent years has left many wondering if the cryptocurrency could reach new heights, and experts speculate that it could potentially surge to an astonishing $45K by the start of 2024, revolutionizing the financial landscape once again.”
The prevalence of Bitcoin (BTC) as the industry’s most prominent digital asset has been undeniable throughout the year. Now, with talks of potential exchange-traded fund approval for this year, there is speculation that Bitcoin could reach $45,000 by the start of 2024.
Recently, there was a false report of Spot Bitcoin ETF approval, which caused the crypto to surge across various platforms. On Binance’s BTC and USDT markets, the price jumped from $27,883 to $30,000 in just 30 minutes. This rapid increase could be an indication of the asset’s potential when approval comes to fruition.
Bitcoin has always stood out in terms of its mainstream appeal and recognition from those outside of the industry. Now, it may be headed even higher due to overall market changes. Experts like Mike Novogratz, Coinbase, and JP Morgan have expressed their expectations for Spot Bitcoin ETF approval before the year ends.
If a Spot Bitcoin ETF is approved, it could be crucial in driving the price well above its $30,000 target. A TradingView Analysis chart shows key indicators across the EMA 34 and EMA 89, suggesting an upward trajectory for the asset. However, short-term fluctuation and resistance could still exist despite its momentum.
It is important to watch for resistance at $30,000 in the coming days. If the asset breaks out at $31,000, it could open the door for even higher prices. CoinCodex has predicted Bitcoin’s price to reach $36,753 by late October, and with approval, surpassing the $40,000 figure does not seem impossible.
Overall, the potential approval of a Spot Bitcoin ETF could have a significant impact on Bitcoin’s price. With experts and analysts predicting positive outcomes, a rapid upward trajectory seems likely if the news becomes a reality.