Bitcoin has risen to a new 18-month high, with US$40,000 in sight thanks to multiple factors | Anue Juheng – Coin Circle

cryptocurrencyGenerally rose on Friday (24th),BitcoinIt rose to an 18-month high, fueled by market participants’ eagerness and seasonal trends, to have a chance to hit $40,000.

In the past 24 hours,Bitcoin (BTC) rose 3.5% to over $38,300, hitting its highest since May 5, 2022, shaking off selling pressure triggered earlier this week by the ouster and fine of Binance CEO Changpeng Zhao (CZ) on money laundering charges .

Antoni Trenchev, co-founder of crypto lending bank Nexo, said: “InBitcoinIt is only a matter of time before it breaks through more than $38,000 and reaches $40,000. The problem is,BitcoinThere hasn’t been a double-digit one-day retracement since August 17th, and do we need to see such a healthy retracement. “

There are currently multiple factors supportingBitcoinThe rally included expectations that U.S. regulators would soon approve the first U.S.Bitcoin ETF, this move is expected to ignite a new wave of enthusiasm among investors.The U.S. Federal Reserve (Fed) may cut interest rates several times next year, which is another factor. This constitutes support for risk assets and also makesS&P 500 IndexandDow Jones Industrial AverageThe strength of the recent rally.

Analysts believe thatBitcoinTight supply and seasonal factors will also provide assistance. Just like stocks,BitcoinThere is usually better performance at the end of each year, which makes people look forward to further gains.

Trenchev said: “Yes.BitcoinThe good news is that 70% of the on-chain supply has been dormant for a year. This new record tells us that long-termBitcoinThe determination of the holders is extremely strong, and it seems difficult to see any reason for them to waver until the price rises further.BitcoinIt’s heading for its third consecutive monthly gain.BitcoinIt also continued to rise from September to November in 2015 and 2016, and in December of those two years. “

not onlyBitcoinother smallercryptocurrencyGenerally rose on Friday,Ethereum (ETH) rose 3.5% to $2,120,Cardano(ADA coin) rose 4%, Polygon (MATIC coin) rose 3%,Dogecoin (DOGE) rose 4%,Shiba Inu coin (SHIB) rose 3%.