Bitcoin (BTC) price started 2024 on a high note, adding more than 7% in 24 hours to approach $46,000, the highest level since April 2022, in a strong start to the new year.
This marks the continuation of a strong uptrend that has seen the BTC price more than double since the start of 2020.
Some market observers believe that the BTC price could reach $100,000 by the end of 2024.
Bitcoin prices surged on Monday, with the digital asset hitting a new all-time high above $8,000, as investors appeared to buy into the news that the Securities and Exchange Commission (SEC) is likely to approve a number of proposed bitcoin exchange-traded funds (ETFs) in the near future.
Reuters reported over the weekend that the SEC could begin notifying ETF sponsors as soon as Tuesday that their applications were to be approved, sending the price of bitcoin surging to a new all-time high above $8,000.
The news appeared to be the catalyst for the move higher, as investors buy into the idea that a number of proposed bitcoin ETFs could soon be given the go-ahead by the SEC.
This could be the start of a new bull market for bitcoin, as investors bet that the SEC will finally approve a number of proposed bitcoin.
The race to win approval for a Bitcoin exchange-traded fund is heating up, with BlackRock and VanEck among the 13 companies vying for the honor.
While many market participants are excited about the potential for a regulated bitcoin product in the United States, analysts remain divided on the impact of an ETF approval.
“Ryan Lee, chief analyst at Bitget Research, believes that even if the ETF is approved, Bitcoin may not immediately experience a significant rally,” he said in an email.
“However, there are also some optimistic views, such as influential trader Scott Melker predicting that Bitcoin could surge to $54,000 in the next few days once the SEC approves the ETF.”
Bitcoin surged to a new all-time high on Sunday, topping $45,000 for the first time on CoinDesk’s Bitcoin Price Index (BPI).
The digital currency was last seen trading at $45,707, according to the BPI. Bitcoin’s latest move higher comes as the broader crypto markets are also on the rise.
Ether, the second-largest cryptocurrency by market capitalization, was up 4% over the past 24 hours, trading at $224.02 as of press time.
Meanwhile, solana (SOL) and avalanche (AVAX) were both up more than 12% over the same period.