Bitcoin has begun to show signs of a resurgence, hinting at a bullish trend as we approach the significant year of 2024, which is expected to host major events such as Bitcoin ETF approvals, block reward halvings, and potential Fed interest rate cuts. Despite a 66% funding rate this month, cryptocurrency firm Matrixport anticipates Bitcoin to rise to $50,000, sparking the start of an altcoin season.
Matrixport predicts that Bitcoin will reach $50,000 this month due to four main factors: ETF approvals, institutional purchases, supply scarcity, and historical trends. This forecast remains strong despite an excessively high funding rate, suggesting a robust confidence in the cryptocurrency’s growth potential.
Furthermore, with Bitcoin’s upward trajectory, Matrixport expects the imminent arrival of an altcoin season, leading to an overall rise in the cryptocurrency market.
Currently, Bitcoin has seen a 7% increase over the last 24 hours, trading at $45,284. This surge is speculated to be driven by the anticipation of the U.S. Securities and Exchange Commission (SEC) approving at least 12 spot ETFs by the 11th of this month.
In contrast, Ethereum, the largest altcoin, has risen by 4.76% in the last 24 hours, trading at $2,386. Data shows that Ethereum has increased by 6.59% over the last week and 4.61% over the last 30 days.
According to CoinMarketCap, the most significant gainer among altcoins today is Sei (SEI), with a growth of 29.17%, while the biggest loser is Helium (HNT), with a decline of 3.41%.