As Bitcoin surges past $42,000, Bloomberg says this is the start of a fresh crypto supercycle that will push #Bitcoin above $500,000. The price of Bitcoin rose higher Monday to a 19-month peak above $42,000. According to Bloomberg, “Bitcoin topping $42,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.”
The surge comes as investors grow hungry for crypto exposure, as well as improving macroeconomic trends. Bitcoin is coming off its third month of gains, adding another 11% so far in December 2023. Furthermore, its market cap breached $800 billion on Dec. 4. Hence, Bloomberg analysts predict that predictions for BTC will grow much more bullish, and see extraordinary surges for most crypto, with Bitcoin at the forefront.
The speculation of Spot ETFs being approved in the coming months is fueling the hype for Bitcoin to reach $500,000. Experts anticipate that upon approval, with a Bitcoin Halving also scheduled for May 2024, Bitcoin will see one of its biggest surges toward triple digits. The current $40,000+ valuation of Bitcoin has not been seen since pre-pandemic.
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“Those kinds of comments show just how quickly sentiment can change for this asset class.” Matt Maley, chief market strategist at Miller Tabak & Co says about Coinbase CEO Brian Armstrong’s recent comments on Bitcoin. He adds, “I would argue that one of the most important reasons Bitcoin rallied so strongly in 2020 and 2021 was because of the massive influx of liquidity into the system due to the pandemic.”
At press time, Bitcoin is trading at $41,761.71.