On the evening of January 8, the leading cryptocurrency reached a new local high, with its price exceeding $47,000 for the first time since April 2022.
At the time of writing, digital gold is trading around $46,800, marking a 6.49% increase over the past 24 hours.
Altcoins also showed significant growth. Notably, Solana increased by 13.3% and Avalanche by 11.4%.
At one point, Bitcoin’s price reached $47,248 on Binance (spot pair BTC/USDT). Amid this, the Fear and Greed Index hit the Extreme Greed level, indicating prevalent FOMO sentiment.
Michaël van de Poppe, founder of MN Trading, noted that despite a short-term correction following the rapid rise, the market is “quickly heating up” ahead of a potential approval of a spot ETF in the US.
Quick correction took place in the past 24 hours, but the markets are quickly heating up towards the potential approval of the spot #Bitcoin ETF.
Expecting $48-51K to happen, but even more, altcoins to flourish after.
Keep on buying the dips.
— Michaël van de Poppe (@CryptoMichNL) January 8, 2024
The expert anticipates Bitcoin entering the $48,000-51,000 range, followed by a surge in altcoins. Van de Poppe also advised buying during short-term corrections.
Some experts remain skeptical. For instance, popular TV host Jim Cramer expressed confidence that digital gold has reached its price peak.
The most likely reason for the market’s accelerated growth is investor optimism ahead of the deadline for several ETF applications under review by the SEC.
Previously, macro strategist Henrik Zeberg predicted a “fantastic” growth of the crypto market, during which Bitcoin’s price would reach $150,000.