The next crypto bull run could be around the corner, as bulls gathered the strength to take BTC over $39,000, continuing the weekend run with bullish sentiments.
After higher returns in November, the crypto market has continued its upward trajectory. Bitcoin was the bright spot of the last 24 hours as it steered above the $39,000 mark. It was the highest trading level for BTC in 2023. The last time it climbed such levels was back in early 2022. Experts said the settlement in the US between a crypto exchange and regulators and the market’s November performance could have led to the next crypto bull run.
The CEO of the digital asset firm Galaxy Digital said about the development, “The price is going to be significantly higher, especially when the Fed is probably cutting rates. Could we go to old highs by this time next year? Of course we could.” Other leaders in the crypto space were also positive. Many claim the possibility of crypto ETFs is driving adoption for crypto worldwide.
Investment firms Blackrock, Fidelity, and others who have applied for the ETFs could be the driving force for crypto adoption. They are currently lobbying for the ETFs and could soon see some progress with approvals.
Crypto market participants also expect the Fed to ease rates in 2024. If it occurs, the crypto market could see another long-drawn rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $39,400 on December 3, 2023, with BTC/USD trading higher by a margin of 1.6% in the last 24 hours. Bitcoin’s market cap is trading at around $770 billion.
BTC/USD is trading higher than its 20-day EMA (36,922.38), as BTC’s 24-hour volume was at around $15 billion. The crypto market cap increased by around 2.22%, trading above $1.49 trillion. BTC’s year-to-date returns are above 134.48%.
Join Millionero, the crypto exchange that will help you start crypto trading seamlessly!