Bitcoin may rise to $ 1 million

On Sunday evening, January 7, crypto industry experts recorded a drop in almost all top cryptocurrencies. As with the previous regression, the negative dynamics was triggered by market concerns about how bitcoin BTC $113,287.00 Mezo Wrapped BTC 1.17% Market capitalization $40.26 million VOL. 24 hours $1.82 billion would react to the potential approval or denial of the creation of the first US spot exchange-traded fund (ETF).

on January 5, key players such as BlackRock, Grayscale, 21Shares, and others filed a 19b-4 amendment in response to the SEC’s request. The 19b-4 filing is one of the last steps in the process of approving spot bitcoin ETFs. This step could potentially pave the way for the first approval of the funds in the United States this week, Reuters reports, citing sources.

It is also noted that the December consumer price index will be published this week on Thursday, and the producer price index on Friday. These reports will provide an indication of how successful the Fed’s efforts are in bringing inflation down to the 2% target.

Amid the mainstream cryptocurrency discourse, PlanB analyst predicts a 10-fold jump in the price of bitcoin:

«Bitcoin's growth was 100x in the first couple of bull markets, but recently it has slowed down a bit to 10x, just below 10x. I don’t expect a decline in yields because we’re at 2 or 3% adoption, and if we follow the logistic S-curve and Metcalfe’s law, we can’t have a decline in yields below 50% adoption, so we’re going to have exponential growth for a few more years. I expect 10x growth, which will bring us to the $ 100,000 to $ 1 million range.»

Data from Santiment, a blockchain analytics firm, reads:«Bitcoin has been slowly declining since the start of the weekend, and there could be some volatility ahead as the number of whale transactions reaches its highest level since June 12, 2022. When whale activity picks up, prices often herald a break in the cycle.»

According to the analytical tracker CoinMarketCap, at the time of writing, bitcoin is trading at $ 44,071. The total number of coins circulating on the market is $ 863.6 billion. Traders made daily trading deals worth $ 23.9 billion. Bitcoin’s dominance in the market has increased to 52.8%.