Bitcoin Bulls Eye New All-Time High as $50,000 Mark Approaches
Bitcoin (BTC) is on the verge of hitting a new all-time high as it sets its sights on the $50,000 mark. This surge in momentum can be attributed to the recent approval of a spot exchange-traded fund (ETF) and the upcoming halving event. Hunter Horsley, CEO of Bitwise Invest, believes that the true valuation of Bitcoin in the capital markets will be revealed in 2024.
Horsley recently stated in a post that the introduction of Bitcoin ETFs has transformed the pricing landscape, opening the doors for broader market participation. According to him, the market will determine the value of Bitcoin, leading to a new era of price discovery for the cryptocurrency.
David Lawant, head of research at Falcon X, agrees with Horsley’s assessment, noting that the market structure for Bitcoin has already improved. He suggests that the introduction of Bitcoin ETFs has reduced volatility and stabilized the market, as evidenced by increased trading volumes during ETF trading hours.
These positive sentiments come at a time when BTC faces the potential slowdown of outflows from the Grayscale Bitcoin Trust ETF. It is important to note that Bitcoin did not immediately rally after ETF approval, as profit-taking from GBTC offset the positive impact.
As of now, Bitcoin is trading at $48,130, with a daily gain of nearly 2%.
Please note that the content on this site does not constitute investment advice, as investing in Bitcoin is speculative and carries risk to your capital.
Analyst comment
Positive news. Analyst predicts Bitcoin’s true valuation will be revealed in 2024 with the introduction of ETFs. ETFs have transformed pricing landscape, allowing for wider market participation and reducing volatility. BTC aiming for new all-time high of $50,000. Market outlook bullish, but potential outflow slowdowns from GBTC to be monitored. Bitcoin currently trading at $48,130 with a daily gain of nearly 2%. Investing in Bitcoin carries risk.
