The bitcoin market is targeting $45,000

The bitcoin uptrend continues as two important events approach: the possible approval of new ETFs by the U.S. regulator and the upcoming halving in April 2024.

The price of bitcoin, the cryptocurrency with the largest market capitalization, has seen a rally in recent days as two important events for the crypto asset’s uptrend approach.

On the one hand, next January 10, the US Securities and Exchange Commission (SEC) is due to announce its verdict on applications for approval of spot ETFs (exchange-traded funds) of this cryptocurrency, which are expected to be positive; on the other hand, April 2024 is projected to see the next “halving”, an event that occurs every four years and halves the rewards for miners, which means fewer new bitcoins in circulation and more expensive coins become more expensive.

According to data from the CoinMarketCap site, at the stroke of 11 a.m. yesterday, bitcoin was hovering near $42,000, while a day earlier, on Dec. 10, it rose to $44,034. For international media such as Crypto news, these movements affirm that “the short-term target at $45,000 is still in force and could be reached in the coming days.”

“It is important to take a medium and long-term view, bearing in mind that the bullish fundamentals remain intact for bitcoin. The current high volatility may liquidate some traders with leveraged positions, but it should not scare those who understand the reasons for Bitcoin to continue its upward trend,” the specialized publication pointed out.

Regarding this upward trend, the President of the Republic, Nayib Bukele, has reacted and assured that he will not sell the units acquired by the State, even though profits of around $7 million have been reached.

Bukele reaffirmed that El Salvador’s strategy is long term and the interest of having bitcoin is not to sell it at the best price but to have a “guarantee for an uncertain world economic future where inflation, devaluation and the printing of currencies without backing reigns, and thus the country is prepared to face a world economic crisis”.

Source: Diario El Salvador