Bitcoin breaks through 40,000 USD, may reach new highs in 2024.

On December 4th, Bitcoin broke through the $40,000 mark, sparking heated discussions among industry insiders about a new bull run. Some believe this could be the beginning of Bitcoin reaching new highs in 2024.

As of December 2023, Bitcoin has increased by over 120% this year. The market is generally optimistic about this upward trend continuing into 2024.

The CEO of a certain company stated in an interview that they are prepared for a bull run in 2023, and people are equally looking forward to 2024 and 2025.

In November 2021, Bitcoin reached a historic high of nearly $6900.

Since then, the crypto industry has experienced a series of upheavals, from the collapse of cryptocurrencies and projects to bankruptcies and criminal trials. A major exchange has shut down, and its founder has been found guilty of multiple counts of criminal fraud, facing long-term imprisonment.

At the same time, the founder of another trading platform admitted to criminal charges and resigned from the position of CEO of the company.

It is widely believed in the industry that the resolution of these cases marks the solving of long-standing issues that have plagued the cryptocurrency market.

The CEO of a certain company stated in a recent interview that once the speculative phase is over, true innovators will be able to focus on technologies that solve real problems, rather than just building a massive digital casino.

Currently, these issues have been largely resolved, and investors are beginning to pay attention to the positive development trends in the industry. Firstly, the approval of Bitcoin exchange-traded funds (ETFs) may be imminent, which has excited the market. ETFs are expected to attract more traditional investors into the crypto market.

Secondly, the Bitcoin halving is expected to occur in May 2024. The halving will reduce miners' rewards by half, limiting the supply of Bitcoin, which typically drives a new round of bull run.

An executive from a trading platform stated that some market participants expect a bull run after the halving, but considering the ETF news, the bull run may come earlier, leaving most investors in a wait-and-see mode.

There are also some bold predictions regarding the price of Bitcoin in 2024. A certain bank reaffirmed its expectation from April of this year that Bitcoin will reach $100,000 by the end of 2024, primarily driven by the approval of multiple ETFs.

Many analysts believe that loose monetary policy is beneficial for risk assets like Bitcoin. At the same time, some people view Bitcoin as a "safe haven" asset during periods of geopolitical turmoil.

A certain executive stated that Bitcoin is currently consolidating below the key level of 38000 dollars, which is bullish for the market outlook. Once this level is broken, Bitcoin could rebound to the range of 45000-48000 dollars.

However, he also warned that the Bitcoin rebound is largely built on the expectation of ETF approval, and if regulators reject it, it could undermine this rebound. Therefore, investors need to remain cautious.