The royal cryptocurrency made an impressive start to December as well. BTC’s price rose to the brink of $39,000. Following the settlement related to the Binance case, optimism in the markets increased. More importantly, today Powell made some significant statements. Supported by developments on the macro front, BTC is running towards new highs.
Why is Bitcoin Rising?
Almost all of the data received during November has been in favor of cryptocurrencies. The rise in oil prices has stopped, and the decline in inflation is at an exciting level. Furthermore, important inflation indicators such as PCE and PPI are also continuing to decrease. Today, evaluating the latest developments, Powell stated that they are now at a balance point and hope for the continuation of the decline in inflation.
What’s exciting is the shadow of the year 2024 now looms over us. Similar to the period before 2021, investors are hopeful about the coming months and the new year. If Bloomberg ETF experts are correct, there is a 90% probability that we will see the approval of spot Bitcoin ETFs in 40 days.
When we put all these together, the Bitcoin price reaches $39,000. Just a few minutes ago, we could see that the BTC price, having risen to $38,999, has crossed the critical region before a new correction. Analysts aiming for $40,000 by year’s end, who were subject to severe criticism in the second quarter, are now ready to receive congratulations.
Of course, cryptocurrencies are full of surprises, and while the battle between Binance and the SEC continues, knowing that CZ will learn the court decision in February, it might be too early for a victory celebration.
- Bitcoin’s start to December shows strength.
- Investor optimism rises with market developments.
- Recent gains bring Bitcoin closer to $40,000.