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Bitcoin price hit a new 2023 high on Dec.1 and multiple altcoins are following suit. Is the crypto market preparing for a Santa Claus rally?
Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive.
Entering into the new year, several analysts are bullish on Bitcoin. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.
Daily cryptocurrency market performance. Source: Coin360
Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.
Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?
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