Bitcoin’s surge since September last year has restored confidence in the cryptocurrency market. The upcoming approval of a spot ETF could further fuel Bitcoin’s upward trend for the whole year.
Summary:
Robert Kiyosaki’s New Year warning: The American Empire is coming to an end and war is imminent! Buy Bitcoin, gold, and silver now.
Background:
Celsius transforms mining Bitcoin to “repay debt”! Court approves the launch of mining companies with a starting capital of 225 million pounds.
Table of Contents:
Looking back at Bitcoin’s history, will January see a general rise?
CME Bitcoin futures return to $5 billion.
Crypto investment firm Crypto Chase: It will rise to $46,000 after approval.
To all followers of the cryptocurrency market, we are entering a new chapter in 2024 with Bitcoin. Excitingly, Bitcoin is currently in an upward cycle that started in September last year and may experience its fifth consecutive month of growth, similar to the same period last year.
Bitcoin, now 14 years old, has shown satisfactory performance when analyzing its price fluctuations over the past 13 years on a monthly basis. Since 2011, Bitcoin’s average return rate in January has remained at 10.5%. Although the 13-year historical record is not “sufficiently substantial,” and cryptocurrencies are notoriously unpredictable, it has not stopped crypto investors’ confidence.
Bitcoin’s monthly price fluctuations over the past 13 years | Source: CrpytoRank
According to a tweet from Bitcoin News, the total value of open positions in Bitcoin futures on the Chicago Mercantile Exchange (CME) has returned to the $5 billion mark. This indicates that significant trading has already taken place before the approval of a Bitcoin spot ETF. This has led many analysts to be optimistic, and some even firmly believe that the spot ETF will be approved.
At the time of writing, the current price of Bitcoin is around $42,500. Crypto Chase, a crypto trading firm, stated in a post last night (31st) that Bitcoin is entering a resistance period for the month and is in a downward trend. However, the approval of a spot ETF may come in one to two weeks, presenting an opportunity for Bitcoin to rise to $46,000.
Crypto Chase also predicts that there will be a wave of sell-offs after the approval of the ETF. Everyone is wondering if Bitcoin’s performance in 2024 can replicate the surprises of 2023 or even skyrocket. We will see the market impact caused by the results of the spot ETF within this month.
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BlackRock, Fidelity… 9 issuers announce “Underwriter AP”, SEC approves the final step for Bitcoin spot ETF.
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