While Federal Reserve Chairman Jerome Powell’s statements claiming that interest rates will not change continue to be discussed in the market, Bitcoin The price recorded the highest level of 2023.
The leading cryptocurrency extended its rally on Friday, reaching $39,000 on Coinbase.
With its latest rise, Bitcoin reached its highest value since May 2022, just before the cryptocurrency industry shook up and prices began to gradually decline due to the collapse of the Terra ecosystem. As 2023 comes to an end, cryptocurrency speculators are focused on the possibility of BTC reaching $40,000, as the largest digital asset managed to more than double in value during the year.
Bitcoin is up more than 133% so far this year, outpacing gains in many other traditional sectors as investors move into riskier assets. Hope remains high among traders and the cryptocurrency community that the US Securities and Exchange Commission may soon approve the first exchange-traded fund (ETF) directly tied to BTC. This is one of the reasons behind the rise in price.
Bitcoin Price Path Looks Open to $40,000
Bitcoin moved very close to $39,000 on news that the US Federal Reserve may not change interest rates until at least 2024, according to on-chain analytics firm Santiment. Santiment believes that with this move, the path for BTC is opened for a price of $ 40,000.
Adding to this positivity is the fact that interest is increasingly turning to BTC rather than altcoins, which represent “sufficient fear that is typically required for prices to continue rising,” according to Santiment.
Santiment observed that Bitcoin’s social dominance increased in just one month, while interest in altcoins waned.
At the time of writing, BTC is up 0.78% over the last 24 hours to $38,782, reaching an intraday high of $38,848 during Saturday’s trading session.