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Bitcoin has started 2024 off strong, reaching a key milestone for the first time in nine months.Investors and bullish traders of Bitcoin got a pleasant New Year’s surprise when the crypto climbed to a price of over $45,000 on the morning of January 2nd – a key resistance level that the cryptocurrency hasn’t hit since April last year.Many are touting this as a key hint at a current ‘true breakout’ status for Bitcoin.
Reasons for the highPartially, this can be attributed to the fact that January 1st is a holiday in many countries, including the United States, and as such January 2nd represents the first real ‘working day’ of 2024, as many return to work after festive breaks.Another, less tangible reason for this is the fact that it’s officially January – the month that many analysts and insiders have touted as the time when America’s SEC will officially approve some (or all) of its current applications for a Bitcoin spot price ETF.So far today, BTC has continued to climb past $45,616000, significantly up from the day’s opening price of $44,187 and is showing signs of ending the day up significantly from yesterday’s closing price of 44,167.33.
Coming full circle However, while this represents a significant rally in recent months, since Bitcoin climbed out of its 2023 ‘crypto winter’, it’s actually closer to coming full circle than reaching new highs.Remember, January 2022 had Bitcoin prices consistently above the $47,000 mark, which in themselves were lower than the giddy peaks of 2021 – especially Bitcoin’s ATH of over $64,800 in April 2021.
The next big milestone Arguably the most significant number you’ll find anywhere on the web currently in relation to Bitcoin is ‘100,000’ – the price that many have predicted Bitcoin will reach by the end of 2024.In relation to this, a key psychological milestone for BTC this year will likely be 50,000 and even potentially 75,000 as investors keep their eyes on the 100,000 prize.Bitcoin last traded at $50,000 or more in December 2021, over a year ago.More By This Author:China Continues Its Losing Streak With Lower Manufacturing PMI Figures Silver Price Forecast: Gold/Silver Ratio Points To More Upside BYD Says Its Vehicles Sales Jumped 62% In 2023
