The price of Bitcoin (CRYPTO: BTC) has surged above $45,000 for the first time since the introduction of Bitcoin exchange-traded funds (ETFs) in January. This development has sparked predictions of a potential $50,000 push.
What Happened: The price of Bitcoin hit $46,047, marking a 1.65% increase over the past 24 hours on late Thursday, according to the data from Benzinga Pro. This is the first time Bitcoin has surpassed the $45,000 mark since the ETFs were launched on Jan. 11.
LMAX Digital, in a note to investors, predicted that Bitcoin could rise even further, possibly reaching $50,000. “Technically speaking, bitcoin has broken out of a range and could be looking for a push to a fresh yearly high through $50,000,” the note stated, reported CoinDesk
On the other hand, Laurent Ksiss, a cryptocurrency ETP specialist at CEC Capital, suggested that this milestone could lead to early investors who bought into the Bitcoin ETFs being “almost in the money.” He also warned that continued ascent could trigger profit-taking and potentially a reversal, testing the $42,000/$40,000 level.
Why It Matters: The surge in Bitcoin’s price comes amidst a series of significant events in the cryptocurrency space. The approval of Bitcoin ETFs has been a major catalyst, with the price of Bitcoin crossing the $45,000 mark for the first time since their introduction. The increase in Bitcoin wallets holding more than 1,000 Bitcoin reached the highest level in over 14 months.
Meanwhile, prominent figures in the cryptocurrency space have been making bold predictions about Bitcoin’s future. Cryptocurrency YouTuber Lark Davis, for instance, suggested, earlier this month, that Bitcoin could reach $150,000 in the next bull market.
Michael Saylor, the co-founder of MicroStrategy Inc., has also been vocal about Bitcoin’s potential as an institutional asset class and store of value. He has referred to 2024 as the “year of birth of Bitcoin as an institutional-grade asset class.”
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