The bitcoin price broke the $45,000 mark on the second day of 2024 amid the potential approval of a spot Bitcoin ETF in January. BTC is trading above $45k for the first time in the past 18 months.
As per market data from Coinmarketcap, Bitcoin is currently trading above $45,200, which is up nearly 7% in the past 24 hours. While surging above $45k, the Bitcoin price has neared breaking its 18-month high, as the last time it was trading above $45,000 was in April 2022.
As predicted by several analysts, the first spot Bitcoin ETF of 14 applications is about to be approved in January, which could have a huge impact on the BTC price.
This surge is highly anticipated, as the crypto community expects Bitcoin to reach new highs throughout this year.
However, several experts have also noted that the potential price surge will not be sustained as expected due to the incoming massive volatility in the Bitcoin options market.
Analysts also believe that the selling pressure will be contributed by profit seekers who might “sell on the news” after a sharp spike in BTC price as soon as an ETF is approved.