Bitcoin Nears $40K Mark Once Again: A Look at Experts' Predictions

By: Eva Baxter

Bitcoin's (BTC) value has been witnessed at over $38,800, a height it hasn't touched since May 2022. This follows a 10% gain over the previous month, with the crypto market cap reaching its highest since May 2022, having added nearly $400 billion since October start. Many attribute this success to the anticipated sanctioning of the spot Bitcoin ETFs, such as the one proposed by BlackRock.

Sustaining a 3% increase over the past week, data from crypto market tracker, Coingecko signals about a 2% rise only for the day. Bloomberg analyst James Seyffart forecasts ETF approval to fall between January 5 and 10, 2024. Meanwhile, Sven Henrich, founder and chief market strategist of NorthmanTrader, anticipates a price shift to between $41,000 and $43,000, especially as the year draws to a close.

Crypto advocate Mike Novogratz also echoes a positive reflection on Bitcoin's trajectory. He maintains that with financial entities like BlackRock and Fidelity employing Bitcoin, its price might skyrocket, potentially fueling it to all-time highs. While many in the Bitcoin community are optimistic that the price of the cryptocurrency may rise to $41,000 in the next few days as it approaches the pivotal $40,000 threshold, this anticipation is tempered by Bitcoin's notorious volatility.

(Investor's discretion is advised as investing involves risks)