A well-known crypto market analyst has suggested that Bitcoin could surpass $40,000 at any moment. The analyst highlighted that ongoing developments with the SEC and potential ETF approvals could continue to drive the market upwards.
The crypto analyst known as The Flow Horse on social media offered a positive outlook on Bitcoin to followers on X platform. The analyst noted that there are very few reasons to sell BTC under current conditions. Additionally, the analyst believes that Bitcoin will maintain its upward momentum until the possible approval of a spot market Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) by January 10, 2024.
Another factor expected to continue driving the price of Bitcoin higher is the halving event scheduled for April 2024. During this event, miner rewards are halved, and the anticipated rate cut by the Federal Reserve next year generally implies an upward momentum for riskier assets like BTC.
The analyst also emphasized that prices would immediately increase if the SEC approves spot Bitcoin ETFs. The analyst stated that if the ETF approval receives a green signal, almost all prices are likely to be higher and they will be at a higher level than the current situation when the ETF goes live.