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Will the Bitcoin price surge to $60000 at the start of 2024?

Will the Bitcoin price surge to $60000?

If the price of bitcoin gets past the current obstacle at $43,860, it may rise by 20% to target the psychological milestone of $60,000 next. The price of Bitcoin (BTC) is still rising, maintaining the main trend and testing levels last seen in April 2022. A clear break and closing above this mark would indicate that BTC should aim for $60,000 in the near future.

Experts claim that the expectation of a US Federal Reserve interest rate cut in 2024 and the potential approval of a Bitcoin ETF, which might raise the value of the biggest cryptocurrency in the world, have contributed to the growing confidence in the cryptocurrency market.

Bitcoin is expected to rise by 25% to $60,000

On Monday, Bitcoin’s price surged above $41,000, hitting levels not seen since before the demise of the cryptocurrency stable coin TerraUSD in May 2022. As the cryptocurrency market looks ahead to the impending Bitcoin halving event and expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (Bitcoin ETF), the price of bitcoin has continued to rise.

In recent days, gold also hit an all-time high of moreover $2,115. Supporters of Bitcoin occasionally call it “digital gold” and contend that, in the long run, it functions similarly as a store of value. Positive correlations between the two assets are frequently interpreted as signs that Bitcoin will continue to gain traction and evolve in that direction.

El Salvador’s President Nayib Bukele declared on X (formerly Twitter) on Monday that the nation’s Bitcoin holdings are now profitable in terms of dollars. Bukele started making purchases on El Salvador’s behalf in 2021, close to the end of the last bull market cycle.

Bukele stated in the X post on Monday, “Of course, we have no intention of selling; that has never been our objective.” “We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”

“Topping $44,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $60,000 in what adherents say is the new monetary order taking Wall Street by storm,” the news site claims, referring to the price of Bitcoin.

Why is Bitcoin price surge again?

If the price of Bitcoin makes a strong move above the previously specified level, it may continue to rise, turning the supply zone into a bullish breaker and reaching the psychological milestone of $60,000 as predicted.

In a really bullish scenario, the gains can reach the barrier level of $55,560. These benefits can even be extended to the high level of $66,098. This would represent a 56% increase above the existing levels.

“A strong regulatory framework with an emphasis on investor protection may result from the US Committee on Financial Services holding a hearing on digital assets on December 8th, which would be extremely advantageous for the larger digital asset market. Shivam Thakral, CEO of BuyUcoin, the second-oldest digital asset exchange in India, stated, “We can expect this momentum to sustain in the coming weeks. The growing optimism surrounding Bitcoin ETF approval will continue to create waves of positive sentiments within the global digital asset community.”

The prediction is supported by the Relative Strength Index (RSI), whose ascent indicates increasing momentum. Likewise, bulls are driving the market as evidenced by the Awesome Oscillator’s (AO) green histogram bars in positive territory. These strengthen the bullish argument.

Although analysts believe that Bitcoin’s future is bright, there may be some short-term challenges ahead. With a gain of over 150% so far this year, Bitcoin is among the best-performing investments globally when considering risk reduction. Even after the run, Bitcoin is still incredibly beneficial.

The biggest digital asset gained over 16% during a period of six days ending on Tuesday, and on Wednesday morning in early Asian trading, it was maintaining its gains. It has recovered 165% from the cryptocurrency crash of last year as of 2023.

Conclusion: Bitcoin price surge to $60,000

As we can see, previous Bitcoin halving events have been successful in establishing long-term positive forces driving the price of Bitcoin. The reason for half of the Bitcoin supply is because it has a deflationary tendency, which drives up the price of the cryptocurrency. Since Bitcoin is a decentralised cryptocurrency, its total supply is restricted because neither governments nor central banks can print more of it.

Furthermore, major investors known as “Bitcoin Whales” have resumed their Bitcoin accumulation. The big Bitcoin whales are reportedly storing between 1,000 and 10,000 BTC in their wallets, according to data from on-chain aggregator Santiment. This suggests that investors have been filling their wallets full of Bitcoins, which may be a hint of a recovery in the price of the cryptocurrency.

Therefore, increased purchasing pressure above current levels may cause the price of Bitcoin to break through this supply barrier and turn into a bullish breaker. This might clear the way for the Bitcoin price surge to $60,000 in the near future.

The possibility that the US would approve its first spot Bitcoin exchange-traded funds, opening the door to a larger investor base, is largely responsible for the increase. Though since June, when asset managers started requesting permission to launch the funds, ETF hysteria has overshadowed the Bitcoin market. This has others wondering if bets on Fed rate cuts for next year are now providing greater support for the Bitcoin price surge.

The upcoming “Bitcoin halving” is another factor supporting sentiment; it will reduce the quantity of tokens that miners get paid for their labour by half. This is scheduled to happen in the next year. The annual event is a step in the process of limiting the total number of Bitcoin tokens to 21 million. After the last three halvings, the coin broke records.

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