Bitcoin (btc) has reached the $40,000 level for the first time since late April 2022, rising around 2% in 24 hours.
Bitcoin rose from below $39,500 to above $40,000 on December 3 to hit a 19-month high, according to CoinGecko data.
It also marks a new year-to-date high for Bitcoin, which is up more than 140% since January 1. However, it is still down around 42% from its November 10, 2021 all-time high of over $69,000.
On November 30 noteMatrixport head of research Markus Thielen predicted that Bitcoin would reach more than $60,000 by April next year and $125,000 by the end of 2024.
Thielen said the last three cryptocurrency bear markets experienced a three-year bull cycle and one analysis suggested "another three years of this bull market, with 2023 being the first year."
โHistorically, years when Bitcoin mining rewards were halved were generally bullish,โ Thielen explained. Bitcoin is expected to halve again (when mining rewards are reduced by 50%) in mid-April 2024.
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โMiners tended to accumulate Bitcoin before each halving, prices increased by +200%, which would project Bitcoin to reach $125,000,โ Thielen said.
The Bitcoin price milestone comes amid speculation that a spot Bitcoin exchange-traded fund (ETF) will soon be approved in the United States.
In a note dated November 28, Standard Chartered planned Bitcoin could reach six figures before the end of next year due to the "earlier than expected introduction" of spot ETFs in the US.
There are 13 bidders for a US spot Bitcoin ETF โ the latest from Swiss asset manager Pando Asset, which presented on November 29. All are pending approval with the Securities and Exchange Commission, and including BlackRock and Grayscale, have met with the agency to discuss the details of their ETFs.
Bloomberg ETF analysts have a 90% chance that all pending ETF offerings will be accepted. approved simultaneously before January 10.
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