After 19 Months From Bitcoin: Surpassed The $40,000 Level For The First Time

The expectation that the Fed will cut interest rates has triggered a rise in the cryptocurrency markets. Bitcoin surpassed $40,000 for the first time since May 2022 and exceeded $41,000. As Bitcoin reached its highest level in 19 months, Matrixport indicated that the upward trend is expected to continue into the next year.

Bitcoin, for the first time since the end of April 2022, reached the $40,000 level, experiencing an approximately 2% increase within a 24-hour period.

According to data, on December 3rd, Bitcoin surpassed $40,000, rising from below $39,500, reaching its highest level in 19 months.

This development also led to Bitcoin achieving its highest level of the year, with an increase of over 140% since January 1st. However, the BTC price is still 42% below the all-time high of $69,000 on November 10, 2021.

Matrixport Research Director Markus Thielen emphasized in a note dated November 30th that Bitcoin would surpass $60,000 by April of the next year and reach $125,000 by the end of 2024.

Thielen noted that the last three crypto bear markets followed three-year bull cycles and predicted that this bull market would also last three years, starting with 2023.

Historically, Thielen stated, "In years when Bitcoin mining rewards halved, prices tended to rise," and the halving is expected to occur in mid-April 2024, reducing mining rewards by 50%.

Thielen stated, "Miners were inclined to accumulate Bitcoin before each halving, and prices increased by 200%, which means the Bitcoin price will reach $125,000."

The increase in Bitcoin price coincided with the expected approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

In a note dated November 28th, Standard Chartered emphasized that if spot ETFs in the U.S. are "launched earlier than expected," Bitcoin could reach six-digit figures before the end of next year.

As of November 29th, there are a total of 13 applications for spot Bitcoin ETFs in the U.S., including the Swiss asset manager Pando Asset, with all applications awaiting approval from the Securities and Exchange Commission. Companies, including BlackRock and Grayscale, have met with regulatory authorities to determine ETF details.

Bloomberg ETF analysts give a 90% chance that all pending ETF proposals will be approved simultaneously by January 10th.

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