Bitcoin Surges to $39,000 as Positive Market Sentiment Increases
The cryptocurrency Bitcoin made an impressive start to December, reaching a price of $39,000. Optimism in the markets increased following the agreement in the Binance case. More importantly, Powell’s significant announcements today, supported by macroeconomic developments, allowed BTC to reach new highs.
Almost all of the data received in November regarding Bitcoin and other cryptocurrencies was positive. The rise in oil prices stopped, and inflation reached an exciting level. Additionally, important inflation indicators such as PCE and PPI continue to show growth. Powell, while evaluating the latest developments, stated that they hope inflation will continue to decrease and that they have reached a balance point.
What is exciting is that the shadow of 2024 is now looming over us. Similar to the period before 2021, investors are hopeful for the coming months and the new year. According to Bloomberg ETF experts, there is a 90% chance of spot Bitcoin ETFs being approved within 40 days.
When the price of Bitcoin reached $39,000, all of these developments came together. Just a few minutes ago, we could see that the BTC price reached $38,999 and surpassed a critical level before a new correction. Analysts, whose target is $40,000 by the end of the year, are now ready to receive congratulations after facing intense criticism in the second quarter.
Of course, cryptocurrencies are full of surprises, and it may be too early for a victory celebration as the battle between Binance and the SEC continues, knowing that CZ will learn the court’s decision in February.