The price of Bitcoin BTC/USD rose above $45,000 for the first time since exchange-traded funds (ETFs) were launched in January. This development has a potential down payment of $50,000.
What Happened According to data from Benzinga Pro, Bitcoin reached $46,047 late Thursday, up 1.65% over the past 24 hours. This is the first time Bitcoin has broken above $45,000 since the ETF launched on January 11.
LMAX Digital predicted in a note to investors that Bitcoin would rise, possibly reaching $50,000. "Technically, Bitcoin is out of range and may be aiming for a new annual high of $50,000," the note said.
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On the other hand, Laurent Keys , an ETF expert at CEC Capital, notes that this milestone could mean that the first investors who bought the Bitcoin ETF are "almost in the money." He also warned that a continuation of the uptrend could lead to profit-taking and a possible reversal to test the $42,000-$40,000 level.
Because it is important ? The rise in Bitcoin prices comes amid several important developments in the cryptocurrency industry. The adoption of Bitcoin ETFs was a major catalyst as the price of Bitcoin broke the $45,000 mark for the first time since launch. The growth of Bitcoin wallets holding more than 1,000 Bitcoins has reached its highest level in 14 months.
Meanwhile, prominent figures in the cryptocurrency industry are making bold predictions about the future of Bitcoin. For example, cryptocurrency YouTuber Lark Davis suggested earlier this month that Bitcoin could reach $150,000 in the next bull market.
MicroStrategy Inc co-founder Michael Saylor also talked about bitcoin's potential as an institutional asset class and store of value. He called 2024 "the birthday of bitcoin as an institutional asset class."
Read later. Will North Korea go nuclear? Because punters value cryptocurrencies more than you think
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