Posted 12/2/2023, 8:54:16 PM
Bitcoin Nears $40K as Analysts Predict Further Gains on Tight Fed Policy and Growing Institutional Interest
- Bitcoin has surged to $39,900, nearing the $40,000 mark, prompting analysts like Markus Thielen to predict a 90% chance of reaching $45,000
- The price jump follows a speech by Fed Chair Jerome Powell hinting at continued tight monetary policy to curb inflation
- There is optimism around a potential Bitcoin spot ETF approval, with traditional institutions like BlackRock seeking approval and Grayscale preparing for it
- On-chain data shows over 37,000 BTC withdrawn from exchanges since Nov 17, signaling a shift towards long-term holding
- Over 80% of Bitcoin addresses are currently holding at a profit, the highest percentage since Dec 2021 when prices exceeded $50,000