On November 4th, Michael shared his predictions and expert analysis on Bitcoin on his official X (formerly Twitter) account.Bitcoin will reach $50000According to his X post, the analyst stated that the recent growth of Bitcoin in the bull market is due to various reasons, including speculation about ETF approval
On November 4th, Michael shared his predictions and expert analysis on Bitcoin on his official X (formerly Twitter) account.
Bitcoin will reach $50000
According to his X post, the analyst stated that the recent growth of Bitcoin in the bull market is due to various reasons, including speculation about ETF approval.
He stated that Bitcoin has broken through $30000, which is an astonishing growth, comparable to the $6000 mark in 2019.
He further added that as long as the price of Bitcoin remains above, the bull market for cryptocurrencies will rise. In addition, he stated that if Bitcoin's growth in the cryptocurrency market continues to rebound, the classic pre halving price is likely to reach $45000- $50000 in January 2024, with the goal of an upward trend.
Bitcoin spot ETF speculation triggers BTC rebound?
It is worth noting that the continuous increase in Bitcoin prices is likely due to the recent approval of Bitcoin spot ETFs. People have been speculating that Bitcoin will receive long-awaited spot ETF approval by the end of 2023 or the first quarter of 2024.
At the same time, the Federal Reserve maintains interest rates unchanged, but insists on the need to raise interest rates again and implement strict monetary policy before the end of the year. The expected policies still under negotiation are expected to support the world's largest economy in its struggle to reduce inflation.
Bitcoin prices rose 0.22% to $34726.14. In addition, the market value of the cryptocurrency increased by 0.27% to $679.87 billion, while trading volume in the past 24 hours decreased by 38.28% to $11.74 billion.
At the same time, the cryptocurrency has reached a high of $38960.52 in the past 24 hours, and has returned over 24% growth in the past 30 days.
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