Bitcoin's impressive 140% surge in 2023 led to a 19-month high near $41,000. The rise is attributed to expectations of a Federal Reserve rate cut and the prospect of heightened demand from exchange-traded funds (ETFs).
The awaited approval of US spot Bitcoin ETFs, including BlackRock Inc.'s applications, plays a pivotal role. The upcoming Bitcoin halving, occurring every four years, adds to the positive sentiment.
While some experts foresee maturity and a broader investor base, caution lingers regarding potential hurdles like ETF complexities and technical indicators signaling overbought conditions.