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Home»Bitcoin»Bitcoin prices are rising in Q4 of 2023
Bitcoin

Bitcoin prices are rising in Q4 of 2023

NBTCBy NBTC06/12/2023No Comments3 Mins Read
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Bitcoin was near $16k in January 2023, which was the beginning of the year. It has now surged to more than $42k in valuation, and the community believes that it is largely a seasonal trend in the making. This is based on an assumption that the trading value of Bitcoin always rises in the concluding quarter of the year. For instance, BTC gained approximately 63% at the end of 2016 and 267% at the end of 2017.

There is no tangible proof of why the token increases in value as the calendar year draws to a close. However, as the year ends, traders reportedly become more active in their investments.

That remains to be verified. A couple of reasons in the current scenario that justify the year-to-date rise of 150% are:-

  • Bitcoin halving
  • Approval of Spot Bitcoin ETF application
  • Interest rate cut

It is also supported by the filtration of rotten apples – Sam Bankman-Fried (FTX) and Changpeng Zhao (Binance). Both of them have stepped down from the chair to head their respective organizations. They have either been tested in court or cut a deal with the US Securities & Exchange Commission.

With both of them out of the picture, there is optimism that the crypto sphere does not have malicious actors leading any venture.

Volatility is still at play, and prices can be affected at any time. Till then, the speculation about the Commission approving all the Spot Bitcoin ETF applications by January 10, 2024, has sparked a high level of interest in the industry. It will give the space a formal investment structure and the recognition it has been craving since the launch. Bitcoin prediction estimates that the continuity of positive momentum can see BTC end this year at $46,167. Alternatively, there is a chance that the token may surpass its ATH of $65k before entering the new year.

Bitcoin has historically seen a surge in its valuation every time a year comes to an end. The average gain at the end of the year from 2016 to 2021 comes to:-

  • October = 25%
  • November = 8%
  • December = 11%

A cut in interest rates by the Federal Reserve has also sparked interest in Bitcoin. Experts believe that the Fed is done with hiking the rates, and all that is left to do is cut them and bring them down. This will free up a lot of capital to facilitate its movement by investors. The Fed is less likely to hike the rate in December 2023.

Earlier, BTC prices were linked with the performance of the stock market. Experts have stated that the performances of BTC and the stock market are correlated, and they may be strengthening each other through these mutual links.

Bitcoin is currently exchanging hands above the $43k mark. Experts anticipate Bitcoin to surpass the next resistance level of $45k before the end of 2023. The pattern of BTC movement during year-end will become clearer as more data comes to light.

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