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Bitcoin (BTC) Reaches $40,000 Milestone, First Since April 2022

In a resounding surge, Bitcoin (BTC) has shattered the $40,000 threshold, marking a monumental climb of around 2% within a 24-hour span. This ascent not only signifies a notable breakthrough since late April 2022 but also propels Bitcoin to a new year-to-date high, boasting a staggering 140% surge since the onset of January. However, despite this remarkable rally, Bitcoin remains approximately 42% below its all-time high of over $69,000 set on November 10, 2021.

In a Nov. 30 note, Markus Thielen, the head of research at Matrixport, forecasted an optimistic trajectory for Bitcoin, projecting a surge to over $60,000 by April next year and an ambitious leap to $125,000 by the culmination of 2024.

BTC/USDT 4 hours-chart on Binance | Source: TradingView

Thielen’s predictions are rooted in historical trends, highlighting the correlation between Bitcoin’s bull cycles and the periods following its halvings. He pointed out the pattern of three-year bull cycles following crypto bear markets, suggesting 2023 as the initial year of this bullish phase.

Explaining further, Thielen emphasized the significance of Bitcoin mining reward halvings, historically marking bullish periods for the cryptocurrency. Citing data from past instances where mining rewards were halved, Thielen outlined a trend where miners hoarded Bitcoin, leading to a significant price surge of over +200%. This historical precedent fuels Thielen’s projection of Bitcoin reaching an impressive $125,000.

Adam Back, CEO of Blockstream, echoed a bullish sentiment, foreseeing Bitcoin potentially hitting $100,000 before its next halving. Back’s optimism extends even further, speculating that Bitcoin could potentially reach between $750,000 to $1 million per token under an especially bullish scenario.

This blend of excitement and skepticism pervades discussions within the cryptocurrency space. While some enthusiasts rally behind the bullish forecasts, others criticize what they perceive as speculative conjecture within an inherently unpredictable market.

Bitcoin’s milestone arrives amidst fervent speculation regarding the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Bloomberg ETF analysts have placed a 90% likelihood on the simultaneous approval of all pending ETF bids by Jan. 10, fostering heightened anticipation within the crypto sphere.

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