"Fulamak is going up like crazy, is the price of BTC going to target $45K anyway?"
The king of cryptocurrency Bitcoin (BTC) this morning has surprised investors when the price finally managed to climb as high as $40,764 after being in a horizontal momentum for a long time.
The increase in BTC prices was triggered by continued confidence and excitement over the expected approval of the spot BTC ETF in the United States (US) plus the Securities and Exchange Commission (SEC) recently held a meeting with several firms.
Last Friday, the price of BTC broke through $39,000 from $37,643 when Federal Reserve (Fed) Chairman Jerome Powell hinted that there would not be any future interest rate hikes.
However, Powell also said that now it is too early to conclude that the US central bank has reached a sufficiently tight stance or when policy may be reduced, but they remain ready to tighten policy further if it is appropriate to do so.
Additionally, there have been over 37,000 BTC worth $1.4 billion withdrawn from crypto exchanges since November 17, 2023, so here it can be seen that the outflow shows that the long-term strategy has taken place while the selling pressure is easing.
Please note that the Matrixport report expects the price of BTC to reach $60,000 before the BTC halving event takes place in April 2024.
Looking at the price chart, BTC which is now in strong upward momentum may try to target the next level at $45,360 but the digital asset is also able to bounce back at $38,343.
As of this writing, the price of BTC has jumped by 3.04% to $40,732 in the last 24 hours with a market cap of $797 billion and is up 8.73% over the last week.
