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Bitcoin is recovering once again, forecasts remain at $80,000 : Tech: Tech Times
Despite growing uncertainties, the price of Bitcoin has started to rise again, reaching nearly $69,000 this week, prompting industry experts to predict it will rise to $80,000 this year.
This massive positivity in the cryptocurrency market is due to the US Securities and Exchange Commission (SEC)’s approval on Thursday of spot listings of Ethereum Exchange Traded Funds (ETFs) on US exchanges.
However, actual trading will not begin until the SEC approves individual ETP traders, which could be delayed, according to experts, as the SEC may delay the approval process.
(Photo: André François McKenzie on Unsplash)
Bitcoin is on the rise again and the forecast remains at $80,000
In the ever-changing landscape of cryptocurrency markets, Bitcoin has emerged as the most volatile. Since its March peak of over $73,000, Bitcoin has recently seen a notable decline.
After surpassing $71,000 on Monday, the price fell again and stabilized $68,600 on Thursday, more than 7% below this year’s high point.
However, a new report from CoinGape brings good news to Bitcoin fans. The cryptocurrency is expected to reach $80,000 this year and is expected to rally again after the massive drop below $58,000 earlier this month.
Bitcoin skeptics may be wrong again about the digital currency, as key support and resistance lines have been established in recent weeks to help it move higher. This week, Bitcoin regained its power and is now growing again.
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Ethereum Spot ETF Launched: Did It Help Boost Bitcoin?
Ethereum and several meme coins or altcoins are still in the red zone of the charts, but the SEC’s resounding approval of Ethereum spot ETFs could indicate a change in the future.
That said, this is still not a huge move in today’s cryptocurrency market, as trading will not begin until the SEC individually approves ETP traders. Such an approval would allow the public to invest in Ethereum without purchasing and holding it directly.
Bitcoin’s rally in 2024
After a nearly three-year slump, Bitcoin has regained power, fame and influence in the market this year. Despite numerous investors who doubted the digital currency, its performance proved otherwise.
In April, Bitcoin’s value plummeted nearly 16% after investors booked profits on a rally that took the price to record levels above $70,000. However, Bitcoin has continued to rise in recent weeks, demonstrating investor confidence and resilience.
It only took less than a month for Bitcoin to cross the $60,000 mark, but doubts still emerged, with some calling it a bubble — the rapid rise in cryptocurrency prices due to hype, speculation and psychological factors .
However, Bitcoin’s rapid recovery from recent lows has some investors saying the rebound is likely to continue, and will soon reach the $80,000 mark, a new all-time high for the world’s most traded cryptocurrency.
Related article: Hong Kong Greenlights First Bitcoin and Ether ETFS with Conditional Approval
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