"2024 will arrive soon, but now where is the price going because even at the beginning of the week it has risen high."
Discussions about the approval of a spot Bitcoin (BTC) ETF are heating up among cryptocurrency investors, so the question now is can the digital asset reach $45,000 in early 2024?
This is because the price of BTC has managed to break through $30,000 in just 30 minutes right after there was a false report that said the spot BTC ETF had been approved by the Securities and Exchange Commission (SEC).
There is no denying that crypto is capable of standing on its own in terms of mainstream appeal and recognition, but its price is capable of heading into a different phase amid a shift in the digital asset market this year.
However, the price of BTC could reach $45,000 at the beginning of 2024 if the expectations of Mike Novogratz, Coinbase and JP Morgan come true, where they see a spot BTC ETF to be approved in 2023.
Through observation, BTC ETF's spot approval is one of the important factors that can push the price past $30,000, but it should be noted that the digital asset may perform short-term volatility movements first before going up.
Therefore, investors need to keep an eye on the $30,000 resistance zone as it is very important to determine if BTC can break through $31,000 which could give the price a chance to climb higher if it can break through that level.
According to CoinCodex's forecast, the price of BTC could reach $36,753 by the end of October 2023 and then continue its rise up to $40,000 if the spot BTC ETF is approved in the near future.
As of this writing, BTC price has surged by 1.25% to $30,317 in the last 24 hours with a market cap of $591 billion and is up 11.45% over the last week.
