Bitcoin’s (BTC) recent positive price movement has put most holders in the green, according to blockchain analytics firm IntoTheBlock. Over 80% of Bitcoin holders are currently in profit, marking the highest profitability level since December 2021.

Bitcoin’s highest level since December 2021

In a recent post, IntoTheBlock disclosed that this milestone is particularly significant, as it represents the highest profitability level recorded by the flagship cryptocurrency in the last two years.

Market participants and expert analysts believe that BTC could ascend further, with indicators hinting at the possibility of the market leader surpassing the $40,000 price zone soon. 

A contributing factor to the orange coin’s strong bullish momentum is the growing optimism surrounding the potential approval of a Bitcoin Spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

Analyst James Seyffart, in an update, infused solid optimism into the crypto community by predicting a potential approval order for the Bitcoin Spot ETF between Jan. 8 and Jan. 10, 2024. 

The development could pave the way for Bitcoin’s ascent beyond its 2021 all-time high, according to Mike Novogratz, CEO of Galaxy Digital.

Novogratz predicts a return to $69,000, Bitcoin’s previous all-time high, within a year of the SEC approving spot BTC ETFs. 

Bullish Bitcoin price forecasts

Adding to the positive outlook, analysts at Matrixport project Bitcoin reaching $60,000 by April 2024 and doubling that mark by the year’s end. They attribute this bullish forecast to historical patterns, noting that previous bull markets followed bear markets, with 2023 being the first bullish year in a series of cycles.

Matrixport’s estimations align with the idea that Bitcoin’s latest bear market, observed in 2022, has concluded. The

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Author: Ogwu Osaemezu Emmanuel

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