The Reason Bitcoin (BTC) Price Soared Toward $37K Today

TL;DR

• Bitcoin’s price surged to $36,700, likely driven by the anticipation of the SEC’s decision on Bitcoin ETFs and a bullish cryptocurrency market trend.
• The SEC has a six-day decision period starting today for the approval of several Bitcoin ETF applications.
• High-profile predictions suggest Bitcoin’s price could soar to between $200K and $350K, influenced by factors including social unrest and the 2024 halving event.

After several days of relatively low volatility, Bitcoin’s price has once again started climbing. A few hours ago, it hit a fresh 18-month peak of over $36,700 (per CoinMarketCap’s data).

While this sounds like good news for bulls, it is worth observing the main reasons that led to the latest rally.

One possible factor could be pending spot Bitcoin exchange-traded fund (ETF) applications that numerous finance giants, such as BlackRock and Invesco, have filed in the past months.

Bloomberg ETF analysts James Seyffart and Eric Balchunas claimed that the US Securities and Exchange Commission (SEC) has a six-day window to approve or deny the ETFs starting today (November 9).

Another element playing a role in BTC’s rise could be the overall bullish condition of the market. Most digital assets have charted substantial gains in the past 24 hours, whereas the global cryptocurrency market cap has jumped to $1.4 trillion.

Bitcoin has had quite a successful year so far, with its valuation being up over 120% since January 1. However, multiple experts believe this is only the beginning of a further rally that could take the asset toward new heights.

Two well-known individuals who touched upon the matter were Max Keiser (Chairman of El Salvador-based Bitcoin mining startup Volcano Energy) and Michael Saylor (Executive Chairman of MicroStrategy). 

The former believes the leading digital asset could spike to $200K following possible social unrest, while the latter sees BTC trading at over $350K, bolstered by the 2024 halving event.

Those curious to check five additional price predictions coming from prominent figures could do so in the video below: