Analysts in the cryptocurrency industry have announced that a new bull cycle in the crypto market has begun. The excitement surrounding the approval of a Bitcoin-ETF in the U.S. next year, as well as halving is fueling the cryptocurrency rally.
Experts see the conclusion of the FTX case and Binance’s agreement with the U.S. Department of Justice as a solution to two problems that have haunted the market and kept it from growing. Bitcoin has surpassed the $41,200 mark for the first time since late April 2022.
A new bull cycle in the crypto market has begun, with Bitcoin’s price surpassing $41,000
Cryptocurrency industry executives have announced the start of a new bull run, with a growing number of experts believing that Bitcoin’s price will continue to rise.
The price of Bitcoin has risen more than 120% this year, and many are optimistic that this growth will continue into 2024. The bank said this would be driven by the approval of numerous spot Bitcoin-ETFs.
Matrixport, which positions itself as a crypto-financial services firm, published a note last week predicting Bitcoin will reach $63,140 by April 2024 and $125,000 by the end of next year.
Many commentators believe that monetary easing will support Bitcoin, which is considered a risky asset. Meanwhile, some view Bitcoin as a sort of safe haven in which to invest in times of geopolitical strife.
Now, Bitcoin’s price is consolidating near the $38,000 level, which is optimistic for the cryptocurrency