Bitcoin‘s (BTC) dominance in the cryptocurrency market continues to rise. Bitcoin has broken the $41,000 level, setting a new yearly record. The price of Bitcoin continues to show strength in the last month of the year.
The price of Bitcoin is rising due to optimism triggered by the possible approval of a spot ETF, the upcoming halving of block rewards, and other macroeconomic developments. The price of the largest cryptocurrency reached $42,154 on the Binance exchange, but later dropped below $42,000.
Bitcoin’s positive developments in the open and cryptocurrency exchanges have once again caught the attention of investors, leading to an increase in price. A significant increase in the hash rate on the chain has been observed, indicating that Bitcoin is very strong. Another driving force behind the price increase is the decrease in BTC supply on cryptocurrency exchanges. The reflection of investors withdrawing their BTC from exchanges and not considering selling in the short term is reflected in the price.
Experienced cryptocurrency analyst Rager expects Bitcoin to approach $50,000 next month. Rager warns that following the anticipated increase due to the upcoming halving in 2024, there could be a sharp correction towards the $30,000 level.
According to the analyst, after the halving, the largest cryptocurrency could rise to $83,000, the all-time high, by the year 2025. The analyst expects the price to decline to the mid to lower $30,000 range by mid-January, followed by a rally after the halving, which could lead to a new peak by the end of 2024. He also predicts that Bitcoin will reach and refresh its all-time high at the beginning or middle of 2025. He believes that the bear market will likely end in the third quarter of 2026.