The price of bitcoin has seen a significant resurgence this week, jumping from around $30,000 to over $35,000. The surge is attributed to increased inflows and anticipation of a U.S.-approved bitcoin exchange traded fund (ETF), despite previous rejections by the Securities and Exchange Commission (SEC).
Anthony Rousseau of Trade Stations expressed skepticism that bitcoin would reach a new high before the April halving event. He cited macroeconomic uncertainties and upcoming Federal Reserve interest rate decisions as potential hurdles.
John Glover of Ledn, on the other hand, predicts that bitcoin will fluctuate between $30,000 and $37,000 by the end of the year. He also predicts that the cryptocurrency could potentially reach $45,000 by the second quarter of next year.
Despite these optimistic projections, it’s worth noting that bitcoin is still more than 50% below its November 2021 high of $68,990. Even with a 110% surge this year, the digital currency has yet to regain its previous high.
