Bitcoin Price Chases New ATH In 2024 After Rallying 160% In 2023
The crypto market is calm on the second last Friday of this year, after sliding from highs above $44,000. Due to the lack of momentum amid growing uncertainty among investors, Bitcoin price has retreated to trade at $43,750 during US business hours.
Optimism continues to grow around the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the US. Experts have predicted that the ETF approval window lies between January 8 and 10.
At least a dozen ETF proposals are with the Securities and Exchange Commission (SEC), from companies such as BlackRock, Fidelity, Grayscale, and more.
Investors should imagine a bridge connecting the familiar world of traditional finance to the digital frontier of Bitcoin. That’s the essence of a spot BTC ETF. It’s like holding Bitcoin shares but without the hassle of exchanges or wallets.
Expect smoother trading, easier access for institutions, and potentially, a surge in Bitcoin’s legitimacy and price.
It’s a new chapter for Bitcoin, unfolding on the trusted pages of traditional markets.
Bitcoin Price Prediction: How Long Will BTC Pause Uptrend At $44k?
Bitcoin is mainly bullish with support provided by the 20 Exponential Moving Average (EMA) (in red) at $43,326. However, the uptrend has been limited roughly to $44,000, with breakouts above this level significantly limited.
The Relative Strength Index (RSI) is in the middle of retreating after touching the overbought region at 70. If the current market doldrums continue, investors may miss out on the anticipated Christmas bonus rally, leaving them to speculate on spot ETF approval in January.
Bitcoin Supply Ratio In Profit Hits 89%
The uptrend in Bitcoin from from $16,000 in January, representing a 160% increase in almost 12 months has significantly bolstered the supply ratio in profit to 89%, according to blockchain data by Santiment.
This bullish narrative has for a long time been entwined with anticipation for a spot Bitcoin ETF and easing inflation in the US. Moreover, investors are entering positions ahead of the bull run in 2024 as a result of the supply cringe due to the halving in April.
However, Santiment cautions investors to be alert amid the Christmas and New Year celebrations, which could see Bitcoin price retrace before resuming the uptrend in January.
📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz
— Santiment (@santimentfeed) December 21, 2023
The support mentioned at the 20 EMA is critical for the resumption of the uptrend. Otherwise, if lost, the technical structure could change with Bitcoin dropping to retest support at $40,000 and if push comes to shove $35,000 ahead of the rally expected in January.
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