Bitcoin is expected to surpass the $40,000 mark, according to a crypto expert. The Flow Horse, a pseudonymous trader, predicts a significant increase in Bitcoin’s value. The trader believes that the approval of a Bitcoin exchange-traded fund by the Securities and Exchange Commission by January 10, 2024, will contribute to the upward trajectory. Additionally, the upcoming Bitcoin halving event in April 2024, which will reduce rewards for miners, and a potential rate decrease by the Federal Reserve next year, are factors contributing to the bullish outlook.
The trader emphasizes the potential for higher prices when the ETF is approved and suggests that selling now would not be advantageous. At the time of writing, Bitcoin was trading at $38,808.55, with a 3% increase in the last seven days.
Note: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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