Bitcoin Storms Past $38,000 Once More, Anticipating Breakout To New Annual Peak
Bitcoin (BTC) has continued its bullish trend by surging above $38,000, just shy of its yearly high of $38,400. This is the latest milestone in the cryptocurrency's upward trajectory. According to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by staying above $32,000 for four weeks. The firm's analysis indicates this aligns with the Elliott Wave Theory, which suggests BTC is in its third wave of a bull market. Key indicators further support Bitcoin's positive momentum, including its correlation coefficient of 0.75 with the S&P 500. The upcoming Bitcoin halving event and potential approval of a Bitcoin spot exchange-traded fund could also boost investor interest and drive further market growth. However, it remains to be seen whether this upward trend will maintain and whether Bitcoin can surpass the $40,000 level in 2023.
