The BTC price has been going through several challenging episodes over the past two years but managed to amass considerable gains nonetheless. Compared to the same time just a year ago, digital gold is doing much better and can be expected to continue its price consolidation. Investors are starting to look for where to buy Bitcoin online after the losses recorded during the previous year and in the context of an inevitable bull run in 2024 that is expected to take the prices to new all-time highs they have never seen before.
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Price action
Despite the investors’ best efforts, it seems that it will still be a while until the prices record more growth. At the moment, Bitcoin is struggling after losing 3% on December 15th. While the loss is not substantial, it is enough to destabilize the strategies of several investors. Bulls have been dealing with considerable pressure as they try to maintain the momentum of several time frames while the prices remain volatile.
Whale investors have been looking to reclaim the $42K level ahead of the bullish tendency that will become easier to see as the day of the following halving approaches. But macroeconomic concerns remain as relevant as ever, especially as the Bitcoin community is still waiting for an official SEC ruling on the issue of ETFs.
Regulator rejection
Over the past few months, investors have been eagerly waiting for a conclusive answer from the Securities and Exchange Commission on the issue of ETFs. Several well-known platforms are involved in the standoff, as the approval date was delayed several times already. The fact that the Bitcoin price has been performing somewhat poorly compared to recent movements has arrived alongside a new announcement that the SEC refused a request by a well-known exchange.
The request was related to the rules and regulations the crypto space has to navigate right now. The Commission has maintained that it will remain discreet about the rulemaking policies and priorities and that existing rules will continue to apply. But where does that leave an ETF approval? Some investors were expecting a decision in the last month of 2023, but it seems now that had been nothing more than wishful thinking.
The most likely date is now sometime in early 2024, with a possible date being January 25th. Yet, the decision might ultimately extend into February or even March.
Tech battle
Cryptocurrencies, especially the most well-known ones, such as Bitcoin and Ethereum, have been battling tech stocks for a while now. It seems that 2023 is the year when digital assets have finally managed to regain their strength, and outperform tech stocks. In 2022, there was an extended bear market, one of the most significant in the history of crypto. It ushered in a crypto winter that sent prices plummeting, leaving them to recover, especially after the all-time highs of 2021.
However, according to the most recent data, Bitcoin has outperformed all important tech stocks, except for Meta. This asset is the only exception, having recorded gains of 172% compared to Bitcoin’s, which was 162%. The crypto environment is quite vulnerable to external factors, and both positive and negative news can affect it. In 2023, there was plenty of good news that allowed the blockchain to progress and move forward.
The fact that important names such as BlackRock were associated with Bitcoin this year also helped improve its reputation, allowing it to enter the mainstream a little more. The potential for an imminent Bitcoin-backed ETF approval to finally bridge the gap between traditional capital and digital coins has renewed interest and engagement within the market, leading investors to see crypto as a good investment for the future.
$100,000
Predictions are an integral part of the Bitcoin ecosystem. Although it is impossible to make entirely accurate estimations owing to crypto’s constantly changing, volatile nature, predictions remain popular, as they allow investors to get some information into how they can design their future strategies. Every single halving event in the past brought considerable growth. The upcoming one is expected to do the same, so investors are looking forward to significant price evolution.
However, halving growth tends to show best between six to twelve months following the event. That makes 2025 the most likely time for a noteworthy upswing trend, meaning that investors still have plenty of time left to amass Bitcoin until the prices become too high for comfortable purchases. Even before the actual halving takes place, the marketplace tends to stir in anticipatory movements.
So far, this has been the case for 2023 as well. Growth began in October, after the prices fell suddenly in August, then stagnated throughout September. October is traditionally a good month for cryptocurrencies, traditionally dubbed Uptober by investors for its tendency to bring consistent gains. As such, the different factors have joined forces this year to lift Bitcoin from its slump.
Following the halving of 2020, BTC reached its highest value yet, conquering the $69,000 level and managing to surpass it. Now, some have predicted that BTC will go beyond that. That would mean that Bitcoin will reach its highest numbers yet very soon. While some estimations have remained within the $80K range, others have gone beyond that, saying that the $100,000 level is indeed possible.
Some analysts believe that, if not for the several exchanges and banks that collapsed, taking large swathes of capital with them and hurting individual and institutional investors, Bitcoin would have already achieved this highly elusive level.
The bottom line
Bitcoin is still reeling after two tough years, during which it endured considerable losses and price stagnation. Now, investors are looking forward to the moment when they can move away from that episode entirely and focus on growth and building the way ahead. It is already clear that the environment is steadily accepted into the field of traditional finance, and there are many who are looking at crypto with more interest and faith now.
However, only time will tell how the market will evolve. In the meantime, crypto investors must take their time and remain mindful of all the moves they make.
