Bitcoin (BTC) has experienced a surge since September last year, which has restored confidence in the cryptocurrency market. The upcoming approval of a spot ETF could further fuel Bitcoin’s upward trend throughout the year.
(Previous summary:
Rich Dad’s New Year’s warning: The American Empire is coming to an end, and war is imminent! Buy Bitcoin, gold, and silver now.
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(Background information:
Celsius transforms to mine Bitcoin to “pay off debt”! Court approves launch of mining company with initial capital of 225 million pounds.
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Table of Contents:
Looking back at Bitcoin’s history, will there be a general rise in January?
CME Bitcoin futures return to $5 billion
Crypto Chase predicts a rise to $46,000 once approved
As followers of the cryptocurrency market, we are welcoming a new chapter in 2024 with Bitcoin. Excitingly, Bitcoin is currently in an upward cycle that started in September last year, and it may experience its fifth consecutive month of growth in January, similar to the same period last year.
Bitcoin, which has been around for 14 years, has shown satisfactory performance when looking at the price fluctuations over the past 13 years on a monthly basis. Since 2011, the average return rate in January has remained at 10.5%. Although the 13-year historical record is not “sufficiently abundant,” and cryptocurrencies are famously unpredictable, it does not deter the confidence of crypto investors.
Bitcoin’s monthly price fluctuations over the past 13 years | Source: CrpytoRank
According to a tweet from Bitcoin News, the total open interest of Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached the $5 billion mark, indicating significant trading activity even before the approval of a Bitcoin spot ETF. This has led many analysts to be optimistic and even confident that the spot ETF will be approved.
As of the deadline, the current price of Bitcoin is around $42,500, and crypto trading platform Crypto Chase stated in a post last night (31st) that Bitcoin is entering a resistance period for the month and is in a downward trend. However, the approval of the spot ETF may come in one to two weeks, presenting an opportunity for Bitcoin to rise to $46,000.
Crypto Chase also predicts a wave of selling after the ETF approval. Everyone is wondering if Bitcoin’s performance in 2024 can replicate the surprises of 2023 or even soar to new heights. We will witness the market impact caused by the outcome of the spot ETF within this month.
Related Reports
Rich Dad’s New Year’s warning: The American Empire is coming to an end, and war is imminent! Buy Bitcoin, gold, and silver now.
Reuters: SEC could approve “Bitcoin Spot ETF” as early as next week! Issuers may be notified on Tuesday.
BlackRock, Fidelity… 9 issuers announce “Underwriter AP,” SEC approves the final step for Bitcoin Spot ETF.
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