-
Bitcoin’s
price
cooled
at
$41,800,
down
4%
this
week
and
on
track
to
snap
the
first
eight-week
streak
of
gains
since
2017. -
Investors
moved
a
net
$860
million
of
BTC
to
exchanges,
signaling
profit-taking,
IntoTheBlock
noted. -
BTC
to
hit
$75,000
early
2024
as
U.S.
spot
bitcoin
ETF
approval
and
halving
narratives
combine,
WOO
Network
predicted.
Bitcoin’s
(BTC)
rally
stalled,
putting
it
on
track
to
snap
a
historic
eight-week
streak
of
gains
as
its
price
remained
muted
at
around
$42,000
as
of
Friday.
The
largest
cryptocurrency
by
market
cap
recovered
to
$43,000
after
Monday’s
10%
flash
crash
to
$40,000
that
flushed
overenthusiastic
leveraged
bets
on
higher
prices.
A
dovish
Federal
Reserve
projecting
rate
cuts
and
the
falling
U.S.
dollar
bolstered
the
recovery,
but
lost
steam
by
Friday
and
BTC
slipped
back
to
$41,500.
On-chain
data
indicates
significant
profit-taking
behind
the
stalling
prices.
Bitcoin
saw
$860
million
of
net
inflows
into
crypto
exchanges
during
the
week,
the
highest
level
since
March,
analytics
firm
IntoTheBlock
noted
Friday.
Moving
assets
to
exchanges
usually
signals
an
intention
to
sell,
indicating
that
many
investors
decided
to
take
some
profits
after
bitcoin’s
65%
rally
from
$27,000
in
October.
If
BTC
were
to
finish
the
week
below
$43,800,
it
would
end
an
eight-week
streak
of
gains,
the
longest
winning
streak
since
April
to
June
2017,
according
to
TradingView
historical
data.
BTC
was
changing
hands
at
around
$42,000
at
press
time,
down
almost
4%
since
the
start
of
the
week.
Experts
predict
BTC
all-time
high
prices
for
next
year
The
recent
dip
in
price
is
likely
just
a
blip
on
the
radar,
as
bitcoin
is
primed
for
a
strong
2024
with
multiple
investment
narratives
supporting
rising
prices,
experts
argued.
“I
do
think
this
kind
of
trading
is
normal,”
Craig
Erlam,
senior
market
analyst
at
OANDA,
said
in
an
interview
with
CoinDesk
TV
on
Friday.
“If
you
look
at
other
asset
classes,
things
don’t
move
in
straight
lines.”
Market
participants
expect
interest
rates
to
fall
“aggressively”
in
the
U.S.,
U.K.
and
Europe
for
the
next
couple
of
years,
which
is
more
beneficial
for
risky
assets
compared
to
the
past
18
months
of
rising
rates,
Erlam
explained.
The
Dow
Jones
Industrial
Average
hitting
an
all-time
high
this
week
underscored
the
improvement
in
investors’
risk-appetite,
he
added.
“To
take
a
breather
and
define
a
new
range
can
be
seen
as
a
healthy
sign,”
Anthony
Rousseau,
head
of
brokerage
solutions
at
TradeStation,
said
in
an
emailed
note.
He
said
the
Federal
Reserve
hinting
at
easing
monetary
policy
and
cutting
rates
next
year
injected
a
“windfall
of
confidence”
in
risk
assets
like
crypto,
but
the
more
prevalent
theme
is
still
an
increasingly
anticipated
U.S.
regulatory
approval
for
spot
bitcoin
exchange-traded
funds
(ETFs)
by
BlackRock
and
others,
and
the
fresh
demand
for
BTC
they
would
unleash.
Meanwhile,
long-term
holders
–
or
HODLers,
who
hold
on
to
their
assets
for
at
least
a
year
without
moving
–
haven’t
started
selling
despite
the
short-term
profit-taking,
Rousseau
noted,
making
bitcoin’s
supply
increasingly
restricted.
“It’s
possible
we
have
the
perfect
storm
brewing
for
a
strong
2024,
with
the
possibility
of
closing
in
on
all-time
highs
by
the
end
of
2024,”
he
said.
All-time
highs
could
come
even
sooner,
crypto
trading
platform
WOO
Network
predicted,
as
spot
ETF
listings
and
bitcoin’s
upcoming
halving
in
April,
which
will
slash
new
BTC
issuance
by
half,
may
create
an
enticing
narrative
combination.
“We
targeted
$75k
for
BTC
in
early
2024
and
believe
demand
will
increase
heavily
as
the
ETF
and
halving
narratives
combine,
leading
BTC
to
develop
an
additional
narrative
as
a
safe
haven
asset,”
WOO
Network’s
year-end
report
said.
