Bitcoin bulls held strongly above key support levels to lift BTC price above $38,000. The market sentiment is bullish amid several factors including spot Bitcoin ETF, dovish US Federal Reserve, and Bitcoin halving, with bulls having the overall near-term technical advantage.
The crypto fear and greed index remains range-bound between 70-74, indicating bullish sentiment from retail and institutional investors.
Bitcoin Price To Hit $60000 In April
Bitcoin’s bullish trajectory will reach $63,140 by April 2024, reported Matrixport on December 1. The firm expects a sustained 3-year bull market attributed to factors including historical trends, mining reward halving, and favorable geopolitical and macroeconomic factors.
Matrixport remains confident about Bitcoin hitting $125K by December 2024 after the Bitcoin halving. The next bull market is driven by institutional adoption.
The Nov 22 “Matrix on Target” report said Bitcoin will surpass $38,000 by the end of November with an 80% probability, which follows a rally to $40,000 in December with a 90% probability. The massive trading volumes in the broader crypto market indicate buying by investors and whales amid spot Bitcoin ETF hype.
Fed’s preferred gauge to measure inflation Personal Consumption Expenditures (PCE) Index cooled to 3% and the core PCE at 3.5%. This means the Fed is likely to remain dovish and cut rates soon.
Bloomberg also reported a high probability of BTC price hitting $40000 in December amid multiple positive factors including anticipated Fed rate cuts and spot Bitcoin ETF approval.
Also Read: Cathie Wood’s Ark Invest Sells $15 Mln Coinbase Shares As COIN Price Hit 52-Week High
BTC Price Rising Strongly
BTC price currently trades at $38238, up 2% in the past 24 hours amid a massive rally. The 24-hour low and high are $37531 and $38346, respectively. However, the trading volume has decreased by 10% in the past 24 hours.
MicroStrategy has bagged another 16,130 BTC for approximately $593.3 million at an average price of $36,785 per BTC. MicroStrategy’s chairman Michael Saylor commits to its Bitcoin strategy.
Crypto analysts still believe a pullback is pending ahead of a rally to $40,000. Traders eyeing a potential rally after Christmas, similar to last year.
Also Read: Here’s Why Robert Kiyosaki Advises Buying Bitcoin Amid A Potential Market Collapse
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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