The biggest cryptocurrency by market capitalization, bitcoin, broke beyond the $39,000 barrier in Saturday trading and hit fresh all-time highs of about $39,753 at that time.
At the time of writing, Bitcoin (BTC) was up 1.89% over the previous day to $39,459, the amount it last traded at in April 2022.
In 2023, the price of bitcoin more than quadrupled, recovering over 134% from the 2022 crypto-poverty and outpacing gold and stock investments.
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In light of this, Bitcoin enthusiast Max Keiser believes the cryptocurrency will reach its all-time high (ATH) soon. “New ATH for BTC on this pulse, $220,000 in play,” tweeted Keiser.
After hitting a peak of nearly $69,000 in November 2021, Bitcoin fell 64% the following year as a result of several bankruptcy in the cryptocurrency sector and worries about the macroeconomic environment.
According to IntoTheBlock, the current price of Bitcoin has decreased by 42.69% from its peak, and its profitability has increased to 80%, the greatest level since December 2021.
Max Keiser, a proponent of bitcoin, expressed expectations that are comparable to those of Mike Novogratz, CEO of Galaxy Digital, who forecast that, with ETF approval, bitcoin may hit its previous high of $69,000.
When the Bitcoin ETF starts trading, Novogratz believes that billions of dollars, if not more, will flow into the ETF market.
Eyes on $40,000 Bitcoin price in short-term
With a goal price of $40,000, all eyes are now on where Bitcoin will move next in the near future. In the past, December has shown mixed results for Bitcoin.
Based on CoinGlass statistics, there was a notable increase in Bitcoin only in 2020 compared to the preceding five years, with a surge of 46.92%. Bulls may try to repeat this season’s performance with the current upswing.
A trading range of $37,000 to $40,000 in December is suggested by the pattern of positions in the Bitcoin options market, according to Bloomberg.
