Bitcoin To Hit $40k Soon – Bullish Reasons

A top trader is addressing a few reasons for which Bitcoin is set to see bullish moves. Check out the latest reports about this below.

A well-known crypto analyst predicts that Bitcoin (BTC) will reach the $40,000 threshold imminently. The Flow Horse, a pseudonymous trader with 188,600 followers on X social media platform, is bullish on Bitcoin and believes that there is no good reason for anyone to sell BTC in the current situation.

The trader anticipates that Bitcoin will continue to rise in value leading up to the potential approval of a spot market Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) on January 10, 2024.

“Alright, three weeks ago I said $38,000-$40,000 region would end up being the top for a bit. Yeah, sure it was for that time. But now it looks like it is just a rising floor. Again, who is selling much before January 10th?

+$40,000 coming soon.”

He says other reasons to remain bullish on Bitcoin include the April 2024 halving event, when miners’ rewards are cut in half, and a possible rate cut next year by the Federal Reserve, which usually means upward momentum for risk assets like BTC.

“ETF. Halving. Rate cuts. Election. And you still have people mid-curving where prices are most likely to be next year.”

According to the trader, if the SEC approves the spot Bitcoin ETF, prices will immediately increase.

The trader suggests that selling Bitcoin at the moment may not be a good idea because other traders and whales might be holding onto their Bitcoin since it is almost guaranteed that prices will go higher when the ETF is green-lit.

The trader firmly believes that when the ETF goes live, Bitcoin prices will be higher than they are currently.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $38,774.