Anthony Pompliano, one of the most influential figures in the crypto industry, believes that the price of Bitcoin has already started a new bull run.
Bitcoin price could close 2023 at over $50.000 or more, according to several analysts' forecasts.
The possible approval of a Bitcoin spot ETF in the US market, at the beginning of January, could be the key trigger for the price of Bitcoin to start a new bull run, which would lead the cryptocurrency towards a new all-time high.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, as well as an investor and Bitcoin enthusiast, believes that the cryptocurrency has already entered a new bullish cycle and that its price could skyrocket in the coming days.
Recently, Bitcoin was trading on the market at around $44.500 per BTC, returning to the levels seen in April of last year.
Bitcoin ETF, halving and interest rates
What we inspect with the "El Bailador" road simulator: interview Speaking to CNBC, Pompliano commented that the Bitcoin ETF narrative and the crypto community’s growing confidence that the SEC will eventually approve this listed investment vehicle in January is pushing the price of BTC higher.
Investors believe that there is a higher chance that the Bitcoin ETF will be approved, so they want to own the cryptocurrency before this product is launched on the market. Pompliano also commented that the proximity of the Bitcoin halving and, with it, the reduction in the issuance and supply of Bitcoin, is also motivating the BTC bull run.
Added to all this are the projections announced by the United States Federal Reserve to reduce interest rates next year.
As reported by this media, the price of Bitcoin and risk assets reacted upwards after the last FED meeting, in which the agency reported that interest rates would remain without changes and that several cuts to them may be decreed in 2024.
Optimism about Bitcoin price
Besides Pompliano, other analysts are also optimistic, for the same reasons, about the price of Bitcoin, and about the rise that the cryptocurrency could experience before the end of 2023.
In this regard, Bitcoin analyst and enthusiast Alistar Milne, said on social media last week that the cryptocurrency has been giving clear signs of a bull run. Likewise, CrediBull Crypto (@CredibleCrypto), said Bitcoin remains in the green and it is possible that in the coming days we will see the cryptocurrency in “an explosive upward movement.” According to the analyst, $50.000 dollars are on the horizon.
On the other hand, the analyst known as CryptoCon (@CryptoCon_), estimates that the price of Bitcoin will begin to seek new all-time highs after the second half of 2024 and that, possibly, in November, we will see the cryptocurrency establish a new ATH (All Time High).
Bitcoin: From $16.600 to $42.300 in one year
The price of Bitcoin has recovered substantially in 2023. The cryptocurrency started January trading at around $16.650 per unit, according to data from the CoinMarketCap platform. However, at the time of writing this article, Bitcoin is trading at around $42.300, which represents an impressive increase of more than 140% in just 12 months.
Source: CoinMarketCap
According to analysts, the Bitcoin market has been rallying and growing this year, driven by how the spot ETF narrative is developing.
The approval of such a financial instrument based on Bitcoin would strengthen the cryptocurrency, giving it greater recognition and legitimacy as an alternative investment asset. With this, the demand and price of Bitcoin could rise significantly.
Continue reading: JPMorgan predicts modest impact for Bitcoin ETF
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