Bitcoin’s Big Bang upsurge & the future outlook
One of the biggest surprise this year i.e. 2023, is the world’s largest cryptocurrency Bitcoin’s journey so far. The virtual digital currency literally soared over 150% to reach $45,000 on Tuesday, during the US trading session. It is set to cross $48,000 mark very soon.
The one word to describe Bitcoin’s rise would be “Ineffable”.
This mesmerizing uptick in BTC’s has many wondering about ongoing enthusiasm and the future prospect…..
Bitcoin investors have entered into a celebration mode…..and, it seems, the Christmas party begins early for the Satoshi Nakamoto founded token.
It has been on the roll since early November, when the possibility of spot Bitcoin exchange traded funds or ETF launch come close to being reality….
Seconding Kelly’s observation is Sainath G,
Excitement is building for key events next year. Investors are expecting ETF approval in the first week of Jan 2024. Also, Feds rate cut is expected in January or March. Then, we will witness a Bitcoin halving process, which is always followed by rise in prices. Hence, lot of money is flowing in into Bitcoin….
Institutional investor interest has increased in crypto markets lately. As per recent data from CoinShares, fund investments increased by $176 million last week, marking the sixth consecutive week of inflows.
Another interesting factor suggesting shift in investor interest is rising Bitcoin addresses. According to AMBcrypto.com, the current surge beyond $40,000 has resulted in the number of Bitcoin addresses exceeding 50 million, marking a striking 17% growth since January. Santiment data confirms the presence of 51.14 million Bitcoin addresses holding a balance.
For all obvious reasons, the cryptocurrency giant has witnessed a remarkable 150% surge this year, and is poised to most exceptional annual performance since 2020.
This reminds…..in 2021, while interacting with CNBC Money presenter, Kelly provided bullish outlook on Bitcoin, suggesting that the cryptocurrency could potentially experience a tenfold increase in value if it begins to capture a portion of gold’s market share.
Given the growth in Bitcoin’s acceptance as a safe-haven asset, and the halving next-year, it appears that the token holds potential to grow two-fold…..if not ten-fold…let’s wait and watch….
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