Bitcoin breaches the $45,000 mark, ascending in value mere days prior to the expected approval of a prospective ETF

Bitcoin has surpassed the $45,000 mark for the first time in almost two years, reflecting the anticipation surrounding the likely endorsement of the inaugural spot Bitcoin ETF in the United States. The cryptocurrency’s value has surged, rising over 6% in the past 24 hours and 170% over the past year, starting from $42,000 on January 1, according to data from CoinMarketCap.

This recent upswing positions Bitcoin at a level unseen in 2023, establishing a noteworthy peak just two days into 2024. This surge occurs in the midst of market speculation regarding the potential approval by the SEC of one or more of the 14 pending applications for a spot Bitcoin ETF.

The last instance of Bitcoin trading above $45,000 dates back nearly 20 months to April 5, 2022, closing at $45,241 before entering an extended bear market that saw the cryptocurrency plummet to as low as $15,600, according to TradingView data.

Bitcoin is trading above $45,000 for the first time since April, 2022. Source: TradingView

As discussions about the impact of ETF approval unfold, opinions diverge among market commentators. Analysts at crypto options trading platform suggest that Bitcoin may not experience a significant surge on the approval day due to declining implied volatility in Bitcoin options.

Conversely, traders on X, including Scott Melkor with 925,000 followers, hold a different perspective. Melkor contends that Bitcoin is currently forming a “bull pennant” after a month of consolidation around the $40,000 mark. He predicts a potential post-SEC approval rally that could propel Bitcoin to as high as $54,000.

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