Bitcoin Price Surge Expectation: Will Cryptocurrency Start 2024 At USD 50,000?

Bitcoin (BTC) price surged past $43,000 Tuesday, the highest level for the cryptocurrency since April 2022. The stock was recently up over 4% in the past 24 hours to $43,492, according to CoinDesk data. The price of ether rose about 3%, to $2,301.

As the Bitcoin price is on the verge of touching $44,000 , investors wonder if BTC will continue to ride on the surge and start 2024 at $50,000. Well, it can. The stock has moved from $40,517 to $46,972 in one week. The Relative Strength Index (RSI) suggests that the momentum is still rising.

However, considering that BTC is already overbought, investors should be wary if its price pulls back.

Davinder Singh, Chief Technology Officer at RocketX Exchange, predicted a slight dip in Bitcoin before it mounts a new peak.

“Bitcoin’s price surge is intricately linked to the outlook for the Spot Bitcoin ETF. With a prevailing belief that it might secure approval in the initial stages of Q1, an air of optimism envelops the market, fueling the current upward trajectory. Following the anticipated approval, a slight dip is foreseen, setting the stage for a potential climb to new peaks.”

Several experts have said that the growing confidence in crypto has been fuelled by the expectations of the US Federal Reserve cutting interest rates in 2024 and the eventual approval of a Bitcoin ETF. “This surge represents a year-to-date peak for Bitcoin, showcasing an impressive 140% increase since the beginning of the year. More than just a numerical value on a chart, the surge in Bitcoin price reflects a broader shift in the sentiment around crypto. The current upward trend is largely attributed to mounting expectations of a potential approval by the SEC for a spot Bitcoin ETF in January,” said Rahul Pagidipati, CEO, ZebPay.