Bitcoin’s price nears a pivotal moment: Will the rally continue?

BTC price consolidates near $38,000
Bitcoin’s price nears a pivotal moment: Will the rally continue?
In Nov. 2021, BTC achieved a remarkable peak of nearly $69,000

Amidst the unpredictable market conditions, Bitcoin (BTC) is emerging as a focal point in discussions surrounding the crypto market.

According to Michael Novogratz, founder and CEO of Galaxy Digital, BTC is anticipated to reach its previous peak within the next year. This coincides with the potential approval of the first U.S. exchange-traded fund by the U.S. Securities and Exchange Commission (SEC), enabling direct investment in Bitcoin.

Read more: Bitcoin hits milestone high, soaring past $34,000 on optimism for ETF

When asked if we can expect bitcoin to reach its previous all-time highs within the next year, Novogratz confidently responded with a “Of course” during an interview with Bloomberg.

In November 2021, BTC achieved a remarkable peak of nearly $69,000, but it faced a significant downturn of 64 percent throughout the past year due to a series of crises that affected the cryptocurrency industry. However, the price has rebounded this year, more than doubling its value and currently trading at approximately $38,000.

“Gold, silver, bitcoin really all should do well if the Fed is finished hiking rates and starting to cut,” Novogratz affirmed.

According to analysts from Bloomberg Intelligence, SEC is anticipated to grant approval for the exchange-traded bitcoin fund by January 10.

Optimistic outlook

After the fund receives approval, Novogratz expressed his belief that billions of dollars, if not more, will flow into the fund within its first year. Additionally, he suggests that the uncertainty surrounding the upcoming election year will further contribute to the support and growth of digital assets.

Novogratz further commented that market could anticipate a highly successful transformation once the government grants permission for purchasing Bitcoin. 

In the past 24 hours, BTC has experienced a slight decline of 0.6 percent, currently trading at $37,672. However, it has achieved a weekly gain of 1.3 percent. Its market value currently stands at $744 billion. At the time of writing, the price of Bitcoin is $37,717.

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