Author: Jesse Coghlan, Cointelegraph; Compiler: Songxue, Jinse Finance
On December 3, Bitcoin soared from below $39,500 to over $40,000, hitting a 19-month high, according to CoinGecko.
It also marks a new year-to-date high for Bitcoin, which has gained more than 140% since January 1. However, it is still down about 42% from its all-time high of over $69,000 on November 10, 2021.
The price of Bitcoin has risen from below $17,000 over the past 12 months. Source: CoinGecko
Thielen said the past three cryptocurrency bear markets have been followed by a three-year bull cycle, and analysis shows that "this bull market has continued for three more years, with 2023 being the first year."
“Historically, years when Bitcoin mining rewards are halved are generally bullish,” Thielen explained. Bitcoin is expected to halve again in mid-April 2024, when mining rewards will be reduced by 50%.
“Miners tend to accumulate Bitcoin before each halving, with prices rising over 200% and Bitcoin expected to reach $125,000,” Thielen said.
The milestone for Bitcoin prices comes amid speculation that a spot Bitcoin exchange-traded fund (ETF) is about to be approved in the United States.
There are 13 bidders for the U.S. Bitcoin ETF spot - the latest submitted by Swiss asset management company Pando Asset on November 29.
Bloomberg ETF analysts believe there is a 90% chance that all pending ETF bids will be approved at the same time on January 10.
