Bitcoin’s price surged past $41K, sparking a wave of short positions liquidation within 24 hours, as reported by CryptoPotato.
Analysts are split on whether the current bull run has started or will follow the 2024 Bitcoin halving.
Jeroen Blokland, a prominent money manager and ‘multi-asset investor,’ believes this rally differs from the last time Bitcoin traded at this level.
Last time Bitcoin surpassed $40,000 was in May last year. Following that, crypto scandals and negative market sentiment caused the price to drop. Blokland emphasizes that the acceleration of Bitcoin as an ‘accepted’ asset class feels distinct from the previous $40,000 level, despite the focus on the halving.
Blokland refers to the Bitcoin halving scheduled for April 2024. This event occurs roughly every four years, halving new BTC production.
Historically, it has coincided with significant BTC price surges and major bull markets throughout the industry.
As 2023 draws to a close, December may prove to be an interesting time for the cryptocurrency markets.
The US will hold a Federal Open Market Committee (FOMC) meeting on December 13th to review its anti-inflation policy and decide on potential inflation rate hikes. Experts anticipate unchanged rates, possibly driving an uptick in risk-on markets like crypto.
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