The crypto fear and greed index, hovering between 70-74, suggests strong optimism among both regular and big investors. Matrixport expresses confidence in Bitcoin’s potential to reach $125,000 by December 2024 post the Bitcoin halving.
Currently, Bitcoin is trading at $38,580, showing a 2% increase in the last 24 hours amid a significant rally. The daily low and high stand at $37,531 and $38,855, respectively. Matrixport’s recent report sheds light on Bitcoin’s possible trajectory for the future.
Bitcoin Bulls Thrive as Price Surpasses $38,000: Optimism Amidst Favorable Factors
Bitcoin bulls have demonstrated resilience, successfully maintaining crucial support levels to propel the BTC price above $38,000. The current market dynamics, influenced by factors like the spot Bitcoin ETF, a dovish U.S. Federal Reserve, and the impending Bitcoin halving, create an environment where bulls hold a short-term technical advantage.
The crypto fear and greed index, maintaining a narrow range of 70-74, signals bullish sentiment among both retail and institutional investors. Matrixport, in its December 1st report, projects Bitcoin to reach $63,140 by April 2024, citing a sustained three-year bull market driven by historical trends, mining reward halving, and positive geopolitical and macroeconomic factors.
Matrixport remains optimistic about Bitcoin hitting $125,000 in December 2024, anticipating a surge fueled by institutional adoption. The “Matrix on Target” report on November 22 accurately predicted an 80% probability of Bitcoin surpassing $38,000 by the end of November, with a 90% probability of it reaching $40,000 in December.
Noteworthy trading volumes in the broader crypto market indicate substantial buying activity during the spot Bitcoin ETF excitement. The recent drop in the Personal Consumption Expenditures (PCE) Index, the Fed’s preferred inflation measure, to 3%, suggests a likely dovish stance and potential interest rate cuts in the near future.
Bloomberg’s report adds to the positive outlook, citing multiple factors such as anticipated Fed rate cuts and the spot Bitcoin ETF’s approval, heightening the probability of Bitcoin reaching $40,000 in December.
Bitcoin Trades at $38,580 with a 2% Surge: MicroStrategy’s Ongoing BTC Acquisition
The current BTC price stands at $38,580, reflecting a notable 2% increase in the past 24 hours amid a robust rally. The cryptocurrency’s daily trading range indicates a low of $37,531 and a high of $38,855.
In a strategic move, MicroStrategy has recently acquired approximately 16,130 BTC, amounting to around $593.3 million. The average unit price for this acquisition was $36,785. MicroStrategy’s CEO, Michael Saylor, remains steadfast in his commitment to the Bitcoin strategy, reinforcing the company’s belief in the long-term value of the cryptocurrency.
Despite the ongoing surge, crypto analysts anticipate the possibility of a correction before a potential rally to $40,000. Some experts foresee a pattern similar to last year, expecting a post-Christmas rally in Bitcoin prices. This observation aligns with historical trends that suggest heightened activity and potential price movements during the holiday season.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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