Analysts name the reasons for bitcoin’s update of the annual maximum

on November 29, bitcoin hit an annual high of $ 38,453. On some crypto exchanges, the rate of BTC $56,459.08 Bitcoin -3.08% Market capitalization $1.11 trillion VOL. 24 hours $4.5 billion reached $ 38,600. After updating the annual maximum, the cryptocurrency entered a correction.

Analysts have identified a number of drivers among the reasons for the growth of the market leader. The first one is the expectation of approval of the first spot bitcoin ETF in the history of the United States. Bloomberg experts believe that the instrument will be approved in January 2024. According to forecasts, a spot BTC-ETF in the US market will absorb trillions of dollars and attract institutional investors to the market. Therefore, many believe that its launch will increase the demand for BTC, and the cryptocurrency rate will show positive dynamics.

«When Blackrock [компанія, яка відновила гонку за запуск спотового біткоїн-ETF в США в 2023 році] gets its BTC-ETF approved, it will need hundreds of thousands of bitcoins to meet the demand for the instrument. Weshould not hope that such purchases will not affect the BTC rate,» Jason Williams, a popular investor in the crypto community, explained his expectations for BTC growth.

The second driver of crypto market growth is the approaching halving of 2024. The event, according to the history of observations, allows BTC to update the absolute maximum value. There is reason to believe that this time, the halving will launch a growth cycle.

The positive dynamics of the market is also supported by the partial resolution of the conflict between US regulators, with the exception of the US Securities and Exchange Commission (SEC), and the largest crypto exchange Binance. Binance agreed to pay a fine and change its CEO.

Many members of the crypto community believe that bitcoin has already entered a growth phase. Therefore, in their opinion, the breakthrough of $ 38,000 is only a matter of time. Popular analyst Michael van de Poppe believes that the positive dynamics will be able to bring BTC to $ 45,000−50,000 before the approval of the BTC-ETF in the United States and the onset of halving. At the same time, he does not rule out the possibility of a cryptocurrency correction to $ 33,000 in the near future. The decline, in his opinion, should be used to purchase coins.