The current Bitcoin price has enthusiasts frothing in excitement at the prospect of another bull run coming. Crypto enthusiasts lit up social media platforms yesterday as Bitcoin rocketed past US$40,000 (AU$60,552).
Even mainstream news was in on it. According to Bloomberg, this could be the beginning of a big crypto boom that will make the world’s most valuable coin worth more than $500,000 (AU$756,890).
While that seems rather “extra” from where we sit today, it does appear like the official signal flare that crypto winter is finally over.
Forbes also joined the party, saying not only was the Bitcoin price rocketing, it was dragging other crypto prices along for the ride.
Bitcoin price rising
The Bitcoin price has been rising for three months and is now at its highest level since April 2022.
Ryan Lee, Chief Analyst of Bitget Research told The Chainsaw the Bitcoin price surged past the US$40,000 (AU$60,552) milestone and is currently experiencing accelerated upward momentum. “This US$40,000 price level might serve as the new starting point for the forthcoming bull market.”
Lee also says anticipation of interest rate cuts in the US has propelled commodity prices higher, with gold hitting historic highs and Bitcoin rebounding by nearly US$15,000 (AU$22,707) over the past month.
“Given the potential for a recession in the US economy, fund managers are predicting an 80 percent consensus level for a trend of interest rate reduction in 2024, marking the highest consensus level ever recorded. The crypto market has already factored in this positive news.
“In the crypto market, Bitcoin has surpassed US$40,000 (AU$60,552) without encountering significant resistance. Within 24 hours, short positions on Bitcoin contracts worth US$54m (AU$81.7m) were liquidated, significantly weakening the bearish forces. The market may undergo an overall accelerated upward revision. Furthermore, a new asset category within the Bitcoin ecosystem, ORDI, surged over the weekend, indicating a strong speculative sentiment in the market.”
The current price of Bitcoin at the time of writing is US$41,740.90 (AU$63,179.76).
