Bitcoin Trades Sideways Around $34K as Bulls Eye $40K+ By Year-End
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Bitcoin has been trading in a narrow range recently around $34,700 despite 24% gains since October 7.
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Bears expect further economic weakness, but stocks remain resilient and Bitcoin futures interest is at its highest since April.
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Bullish catalysts for 2024 include potential for a Bitcoin spot ETF and the next halving event.
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Bitcoin futures premium and options data show healthy demand driven by leveraged longs.
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With no signs of excessive optimism, market indicators align with a bullish outlook of $40,000+ for Bitcoin by year-end.