"Hmm, I guess it could happen, what if it doesn't? It must be a disappointment to investors."
Traders who expect Bitcoin (BTC) to close near $50,000 this year see the entire cryptocurrency market including BTC hitting new all-time highs in a few months.
This is because investors' confidence in crypto is increasing when the Federal Reserve (Fed) kept interest rates unchanged during the Federal Open Market Committee (FOMC) meeting yesterday plus there are plans for three rate cuts in 2024.
Not only that, the yield of the US treasury that fell below 4% for the first time since August 2023 was also able to cause the sentiment surrounding the crypto market to be in a positive state and then push the price up.
That streak, investors are now very confident to take every opportunity to buy BTC following the BTC halving event estimated to take place on April 12, 2024 and this means the price has the potential to jump higher than its current level.
There is no denying that BTC open interest on top derivatives exchanges CME and Binance has picked up again, but investors can also expect volatility in the coming days.
However, high expectations of spot BTC ETF approval by the SEC in January 2024 as well as increased inflows of digital assets are signs of a massive BTC price rally, so Matrixport Research predicts the digital asset will hit $60,000 by the halving.
As of this writing, BTC price has jumped by 0.40% to $42,980 in the last 24 hours with a market cap of $841 billion but still posted a 0.98% decline over the past week.
