It seems that Bitcoin's bull season is back, and with it, euphoria takes over the market. In this frenzy, Bitcoin reached a peak that made Wall Street's eyebrows raise: we're talking an impressive annual high of almost $35.400. This is the most robust value that the protagonist cryptocurrency has reached since May 2022.
One of the big drivers of this rally seems to be the expectation surrounding Bitcoin Spot ETFs that can be traded on the United States exchange. There are rumors that the SEC, guardian of the US capital market, has his pen ready to give his approval. The investment community is already wide-eyed, anticipating this milestone before the December leaves have even fallen.
According to analyst Michaël van de Poppe, a name that follows crypto charts with the fervor of an aficionado. Michaël explained, if Bitcoin remains firm and strong above the $34.800 price zone, the next resistance would be $36.500 to $37.000. And when Bitcoin decides to climb mountains, it seems that the entire crypto ecosystem is filled with vigor to follow suit.
# Bitcoin breaks out and reaches a new annual high.
Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K.#Altcoins to follow later. pic.twitter.com/3aCKwvoGXq
- Michaël van de Poppe (@CryptoMichNL) November 1, 2023
Analyst Michaël van de Poppe has already let slip that if Bitcoin maintains this momentum, it could be aiming for US$50.000 even before the 2024 bitcoin halving – an event that occurs every four years and is more awaited than the end of World Cup for cryptocurrency enthusiasts.
With that said, what can you expect after this epic climb? Michaël believes that after this rise, Bitcoin could calm down, consolidate its position and, who knows, even prepare for new heights.
At the time of publication, the BTC price it was quoted at US$ 34.621,10, up 0,4% in the last 24 hours.
