Bitcoin Soars 117% So Far This Year, But Analysts Debate If Rally Will Continue
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Bitcoin has climbed roughly 117% year-to-date, handily beating other assets. It recently traded around $36,080.
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Bullishness stems from potential SEC approval of a spot bitcoin ETF and the 2024 halving event.
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JPMorgan strategists believe optimism around a spot ETF is overdone and may just shuffle existing investment.
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Headwinds like stubborn inflation or restrictive regulation could derail the bitcoin rally.
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While a 2024 halving event could boost bitcoin over $100k, poor macro conditions may divert funds to alternatives.