What Lies Ahead for BTC Price as Bitcoin Surges Past $45K?

Bitcoin has kicked off the new year with an impressive surge, surpassing the $45,000 mark for the first time since April 2022. The cryptocurrency has seen a 6% increase in value in the early hours of the year, signaling a bullish trend.

This upward movement is part of a recent pattern driven primarily by heightened expectations surrounding the potential approval of several spot Bitcoin Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Currently, Bitcoin is valued at $45,364.58, reflecting a remarkable 6.63% growth over the past 24 hours.

The SEC’s approval is the driving force behind Bitcoin’s current surge. A recent report by Reuters, released over the weekend, suggests that the SEC may start informing ETF sponsors about their approval as early as today. This revelation has sparked positive market sentiment, indicating a positive outlook on Bitcoin’s mainstream adoption and recognition.

Despite the current upward trend, some leading market analysts have cautioned that the cryptocurrency may experience a price correction once a Bitcoin ETF issuer is approved.

As the new year unfolds, market observers will closely monitor Bitcoin’s response to the changing regulatory environment to determine if the current positive trend continues or transitions into a correction phase.