Bitcoin (BTC) is trying to get closer to $38,000. Support is building as traders are in anticipation of the famous “Santa Claus Rally.”
Usually, the bullish trand starts to dominate in mid-December of the outgoing year. Some experts predict that by the end of next month, BTC could come close to $45,000, and this is a very realistic scenario.
Glassnode also believes that digital currencies will rise in the coming weeks. One of the triggers for the rally should be the launch of spot bitcoin-ETF crypto funds.
Bloomberg believes that the deadline for such instruments to appear on the U.S. market is mid-January 2024.
Glassnode predicts that after the launch of spot crypto funds, the capitalization of the market of digital currencies in the medium term will increase by about $ 70 billion. Even in the most moderate scenario in the first years after the launch of bitcoin-ETF capital investments in digital assets will increase by billions of dollars.
In addition to BTC, the main altcoins – from ether (ETH) to Solana (SOL) – will face a serious influx of investments, the company’s research says.