{"id":68038,"date":"2024-01-02T03:36:02","date_gmt":"2024-01-02T07:36:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=68038"},"modified":"2024-01-02T03:36:05","modified_gmt":"2024-01-02T07:36:05","slug":"bitcoin-price-exceeds-45k-for-first-time-in-almost-2-years","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-price-exceeds-45k-for-first-time-in-almost-2-years\/","title":{"rendered":"Bitcoin Price Exceeds $45K for First Time in Almost 2 Years"},"content":{"rendered":"\n

In anticipation of a potential Spot Bitcoin exchange-traded fund<\/a> (ETF), Bitcoin price has surpassed $45,000 for the first time since April 2022.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Price Exceeds $45K for First Time in Almost 2 Years<\/figcaption><\/figure>\n\n\n\n

As of January 1, Bitcoin was trading at $42,000, a significant increase of over 6% in the last twenty-four hours and 170% over the previous year, according to data from CoinMarketCap.<\/p>\n\n\n\n

\"\"
Bitcoin is up 6% in the last 24 hours and 171% in the last year. Source: CoinMarketCap<\/figcaption><\/figure>\n\n\n\n

Bitcoin has attained its highest trading level since 2023 and has set a new yearly high for the asset within the first two days of 2024.<\/p>\n\n\n\n

The SEC's approval of one or more of the fourteen outstanding applications for a spot Bitcoin ETF product is a matter of anticipation for the market. Bitcoin's price performance coincides with this anticipation.<\/p>\n\n\n\n

According to TradingView\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> data, the last time Bitcoin traded above $45,000 was on April 5, 2022, when it concluded the day at $45,241. Since then, Bitcoin has descended into an enduring bear market, with the price falling as low as $15,600.<\/p>\n\n\n\n
\"\"<\/figure>\n\n\n\n

There is ongoing debate among market commentators regarding the immediate ramifications that the licensing of an ETF could have on the price of Bitcoin.<\/p>\n\n\n\n

As implied volatility on Bitcoin options decreases, analysts from the crypto options trading platform Greeks.live predict that Bitcoin will not experience a significant rally on the day of approval.<\/p>\n\n\n\n

Scott Melkor, one of X's 925,000 followers, disagrees, stating that Bitcoin is presently exhibiting characteristics of a “bull pennant” after a month of consolidation at prices near $40,000.<\/p>\n\n\n\n

Melkor predicts that Bitcoin's price could reach $54,000 in the days following the prospective SEC <\/a>approval.<\/p>\n\n\n\n

\n

$BTC<\/use><\/svg><\/span><\/a> Daily

Breaking out of the bull pennant after nearly a month of consolidation. The target based on the measured move from the length of the flag is roughly $54,000.

Targets rarely hit, anything can happen. But that's what the chart says. pic.twitter.com\/txs5QFJAqI<\/use><\/svg><\/span><\/a><\/p>— The Wolf Of All Streets (@scottmelker) January 2, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

In the interim, Gabor Gurbacs, an advisor at VanEck, forecasts that the initial days of a spot Bitcoin ETF will be deemed a “letdown” by the general market but that the product will ultimately attract inflows totaling trillions of dollars over the coming years.<\/p>\n","protected":false},"excerpt":{"rendered":"

In anticipation of a potential Spot Bitcoin exchange-traded fund (ETF), Bitcoin price has surpassed $45,000 for the first time since April 2022. As of January 1, Bitcoin was trading at $42,000, a significant increase of over 6% in the last twenty-four hours and 170% over the previous year, according to data from CoinMarketCap. Bitcoin has […]<\/p>\n","protected":false},"author":12,"featured_media":7549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[7231,7297,5561,484],"class_list":["post-68038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-sec-3","tag-spot-bitcoin-etf","tag-btc-2","tag-bitcoin-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Bitcoin-investment-products-suffer-outflows-despite-price-recovery.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=68038"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7549"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=68038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=68038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=68038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}