"Be happy investors, the price of BTC is going up, do you think it can reach $45K today?"
The king of the cryptocurrency Bitcoin (BTC) is getting wilder by the day as its price managed to break through $44,450 on December 6 yesterday, but many investors are now anxious to determine whether this movement is temporary or not.
Although BTC has been mired in deep regulatory uncertainty this year, its price began to see a recovery when US investment management giant BlackRock filed for a spot BTC ETF.
BTC's rise was also fueled by Grayscale Investments winning its legal battle with the Securities and Exchange Commission (SEC) in its bid to convert Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF.
There is no doubt that many critics have dismissed the potential growth of the BTC price, but the entire crypto market is increasingly reacting positively when there are parties like Microstrategy that acquire large amounts of BTC.
At the moment, the positive sentiment surrounding BTC is already increasing, so the price may be able to break the next resistance zone at $50,000 plus there is hype that the spot BTC ETF will be approved soon.
If spot BTC is officially approved, it could bring more than $100 billion worth of institutional money, a development that will have a positive impact on crypto prices and help start a bull market cycle.
Through observation on the price chart, BTC can continue to rise up to $45,360 followed by $48,110 but if it fails then the digital asset can bounce back at $42,358 or $40,240.
As of this writing, BTC price has surged by 5.60% at $44,024 in the last 24 hours with a market cap of $861 billion and has recorded a 15.85% climb over the past week.
