Insights Analysis Bitcoin Rockets to Year High of $35,000

Bitcoin Rockets to Year High of $35,000

October 24, 2023 Analysis
BITmarkets | Bitcoin Rockets to Year High of $35,000

The price of Bitcoin (BTC) has catapulted above the $35,000 mark for the first time since May 2022, securing a significant 10% gain in a matter of 24 hours.

Predominantly driven by growing expectations that investment juggernauts, including BlackRock, Grayscale, Valkyrie and Fidelity, could soon attain regulatory approval to launch spot Bitcoin exchange-traded funds (ETFs), BTC continues to impress.

BTCR1

BTCUSD - 15 Minute Time Frame

Positive investor and trader sentiment and a widespread bullish Bitcoin fever are apparent, prior to today’s rise.

After the spread of unfounded news on October 16th that the United States Securities and Exchange Commission (SEC) approved BlackRock's Bitcoin ETF application, more than $50 million in BTC long liquidations have taken place.

At the time of writing, Bitcoin hovers by the $34,500 area, according to CoinMarketCap readings, and is expected to undergo some correction as traders & investors cash-out profits.

Since the start of the year, Bitcoin price has doubled as cryptocurrency markets revitalized and enjoyed a fresh wave of interest from individual traders and investors as well as institutions and nations.

Notably, 30% of twofold increase occurred during the past month.

Given robust fundamentals, the highly-anticipated Bitcoin halving event and growing cryptocurrency adoption across the globe, it is not very farfetched that Bitcoin can climb to the $50,000 price-tag towards the end of the year; a milestone last achieved in the end of 2021.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

Related articles