Bitcoin Breaks $35,000 Barrier, Experts Weigh In on Bullish Momentum

Bitcoin Tests $35,000 Barrier

On October 23, Bitcoin prices exceeded $31,000, and the following day, its value reached $35,000 for the first time since May 2022. At the time of writing, Bitcoin is trading at $34,200.

All top-10 cryptocurrencies by market capitalization concluded the week in the green, with Bitcoin leading the gains at +14.6%. Other notable performers include Cardano (+14.2%), Dogecoin (+13.5%), and Solana (+12.9%).

The total market capitalization of the cryptocurrency market surpasses $1.3 trillion, and Bitcoin’s dominance stands at 54%.

Expert Opinions on Bitcoin’s Potential to Reach $40,000

In the short term, Bitcoin is expected to continue its upward trajectory due to increasing trading volumes and inflow of funds into cryptocurrency funds. Experts interviewed by ForkLog are optimistic about Bitcoin’s prospects.

According to BestChange analyst Nikita Zuborev, this bullish trend was triggered by moderately positive news, including the SEC’s decision to drop charges against Ripple executives and an appeals court’s order to review Grayscale’s application to convert its cryptocurrency trust into a spot Bitcoin ETF.

Anton Toroptsev, Regional Director of Commex Exchange in Russia and the CIS, notes that the market’s transition into a bullish phase is evident from the diminishing impact of negative news. While it may be too early to declare the start of a rally, it represents a healthy market revival. He anticipates increased volatility and trading volumes and notes that, based on past cycles, there is still room for corrections.

The growth of Bitcoin has been driven by short positions, stop-losses, liquidity influx from China, and nearly 2 billion freshly minted stablecoins, says trader Vladimir Koen. However, the primary driver remains the anticipation of Bitcoin ETF approval.

Matrixport Predicts Bitcoin at $125,000 by End of 2024

Matrixport analysts officially declared the beginning of the fifth Bitcoin bull market on June 22, 2023, correlating it with an annual high reached on that date.

They calculated that following this signal, Bitcoin investments typically yielded an average return of +310%. Based on these figures, analysts estimate that Bitcoin’s price could reach $125,000 by December 2024.

The optimal entry point, they suggest, was 14-16 months before the halving in October 2022 when Bitcoin was trading at $17,000. At that time, experts recommended opening a long-term position.

Court Orders SEC to Reevaluate Grayscale’s Spot Bitcoin ETF Application

The United States Appeals Court officially approved a decision requiring the SEC to review Grayscale Investments’ application to convert its GBTC into a spot-based Bitcoin ETF.

In June 2022, the asset management firm sued the regulator for refusing to convert their flagship trust. The company had initially filed the application back in October 2021.

At the end of August, the court granted Grayscale’s request, compelling the Commission to reevaluate its decision.

The new document reiterates the appellate decision, stating that the management company demonstrated that its proposed spot ETF is similar to previously approved Bitcoin futures exchange-traded funds.

SEC Fines BlackRock $2.5 Million for Concealing Information

The SEC filed charges against BlackRock for failing to accurately describe its investments in the entertainment industry. BlackRock agreed to pay a $2.5 million fine to settle the charges.

The regulator alleges that from 2015 to 2019, the Multi-Sector Income Trust (BIT), part of the financial giant, invested in the movie company Aviron Group. BlackRock allegedly described it as a firm offering “diversified financial services,” which the SEC claims was inaccurate.

Retail and institutional investors rely on accurate information about companies in closed-end or mutual funds to assess current or potential investments, according to the Commission.

Furthermore, BlackRock falsely stated that Aviron paid a higher interest rate than it actually did. According to the SEC, the fund manager identified these inaccuracies in 2019 and corrected them in subsequent reports.