What causes Bitcoin's current behavior?

rex-sumon (82)modCompliance coordinatorin Steem Alliance • 9 months ago

Hello friends how are you Today I will talk about the current market situation. The current crypto market is behaving uncommonly. Bitcoin has not gone down since it suddenly started pumping. So far it is in very good situation. Is this a good sign? Why is this price increase now? Let's find the answer to the question.

On the 5th, the price of Bitcoin reached $44488. This has a great impact on the crypto market. After 19 long months, the value of Bitcoin increased so much. It was a long waiting time. As we have seen so far the price of Bitcoin has not fallen. At the time I am writing this article, Bitcoin is worth $43,284. It's in pretty good shape so far.

Is there any big news behind this increase in the market? I think the biggest reason behind this movement is the approval of ETFs. The ETF is going to be approved next January. It looks like 80% chance to me. The SEC could not show any good reason for not approving the ETF. So we can assume that something good is going to happen in the future.

There was an expectation that the price of Bitcoin would cross $45,000. I still hope. There is a strong resistance at 45 thousand. Beyond this, there is not much strong resistance. That is, if we cross 45 thousand dollars, we will easily see 60 thousand dollars or all time high price.

At the beginning of this year, the market situation was very bad. But this bullish trend towards the end of the year is putting crypto investors at ease. Maybe a bigger bullish situation could be created early next year. If the Bitcoin ETF is really approved, there is a chance of seeing an all-time high price. A lot can happen in the market in 2024. When Bitcoin halving in 2024, market conditions will be much better. For those who have been holding the coin for a long time, it seems that the good day is coming.

ALT coin season will take some more time to start. It is assumed that the altcoin season will start in 2025. Alt season will start when bitcoin dominance increases. Currently Bitcoin dominance is between 52%-54%. If it goes up by 10%+ then alt coin session is expected to start. Those holding altcoins will have to wait a little longer.

Thanks for reading my article. Do not be influenced by my discussion on crypto market and do not make any investment. Do your own research and then make a financial investment decision. Thank you.