TL;DR
The primary cryptocurrency has had a highly successful year so far, with its valuation surging from approximately $16,500 on January 1 to its current level of almost $44,000 (per Coingecko’s data). In addition, numerous experts suggest that the asset is far from stopping its uptrend.
According to Kaiko, the asset is poised for “a strong year-end” due to its excellent performance in the last quarter of the year. The crypto data provider outlined that the only two times BTC had a better final sprint were in 2016 and 2020.
Recall that Bitcoin’s surge in Q4 2020 was followed by a massive bull run the following year, which took the asset to a peak of over $63,000 in April and an all-time high of almost $70,000 in November.
One factor that could influence a BTC price increase is the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission. Multiple finance giants have already filed applications to introduce such a product in America, with BlackRock, Invesco, and Fidelity being some examples.
It is worth mentioning that the regulator is expected to weigh in on each ETF in Q1 next year. Considering its practice to approve or reject at the last moment, a decision sounds unlikely to occur before New Year’s Eve.
Some on-chain metrics are another element worth remarking when predicting a potential Bitcoin rally. According to CryptoQuant, BTC open interest has risen significantly in the last three days, reaching almost $11.3 billion. Such a development has historically influenced enhanced volatility for the asset in the short term.
On the other hand, BTC exchange netflow has been in the negative zone only twice in the past week. Shifting from self-custody methods to marketplaces increases the immediate selling pressure, which might result in a correction for the cryptocurrency.
Those curious to check what other factors may trigger a possible BTC uptrend in the near future could take a look at our dedicated video below:
