Bitcoin breaks through the $45,000 ceiling. Where will it arrive?

Bitcoin flies above 45 thousand dollars for the first time since April 2022, starting the 2024 financial year on high marks, driven by market bets on go ahead on the part of Sec to the first ETF which invests in the main cryptocurrency. This is an important innovation because it would allow you to purchase a product that follows the price of bitcoin without having to directly own the cryptocurrency.

Where will the prices go?

The cryptocurrency kicked off the new year with a strong performance that financial analysts predicted Bernsteinis destined to continue so much so as to foresee the achievement of a new recordthis year, and then potentially rise to a value of $150,000 by 2025.

“We are on the verge of entering a new era for cryptocurrencies, characterized by a level of adoption by traditional financial institutions never seen before. This will result in a significant flow of capital from conventional financial markets to cryptocurrency markets. These times are unprecedented,” financial analysts said in a note to clients. “Additionally, current economic conditions are favorable, with i interest rates which have reached record levels, inflation rates falling and the likelihood of financial stimulus measures being introduced in a year when important elections are taking place around the world.”

“We expect Bitcoin to reach new all-time highs in the second half of 2024, after the halving event, and likely will close the year at an approximate value of 80,000 dollars. For the year 2025, our projection for the peak of the cycle remains at $150,000.”

Waiting for the SEC’s approval for its first ETF

We now look to January 10th, the day on which the verdict of the American “Consob”. who will have to decide whether to approve the request presented jointly by 21Shares and Ark Investmentleader of a dozen asset management companies, which advanced application to launch ETF who will purchase and hold Bitcoin directly, increasing demand for this asset.

Bitcoin is currently trading at its highest level since April 2022, marking a daily high just below the $46,000 threshold and from a technical point of view the situation appears bullishas it has broken through the upper limit of the trading range of $41,000-44,300 and continues to gain momentum – explains Walid Koudmani, chief market analysts at XTB, international fintech listed on the Warsaw Stock Exchange -. “While optimism in the cryptocurrency sector increases – says the analyst – it seems almost certain that a Bitcoin ETF will be approved and the main doubts mainly concern the timing.

Halving is also pushing

The new year for cryptocurrency began after a run that allowed Bitcoin to earn approximately 160% in full 2023, despite factors such as bankruptcies and scandals (e.g. Ftx). Digital currency finds support now also from the halvinga technical event that occurs every four years and is expected to April 2024, when the amount of bitcoins paid to miners as rewards will be halved. And, in the face of a decreasing supply, prices increase.