Bitcoin Price Prediction as $20 Billion Sends BTC Toward $40,000 – Has the Bull Market Started?

cryptonews.com:

The Bitcoin (BTC) bulls are taking a breather on Saturday, with the cryptocurrency moving sideways just below the yearly highs it printed earlier this year near $38,000, with BTC last changing hands for around $37,150.

The cryptocurrency remains on course to post a strong weekly gain of around 6% as traders digest various bullish narratives like optimism about upcoming spot Bitcoin ETF approvals in the US and a seemingly improving macro backdrop as investors position for the end of the US Federal Reserve’s tightening cycle.

That would mark a fourth successive week in the green for Bitcoin, with the cryptocurrency having pumped up a stunning 40% since its mid-October lows in the $26,000s.

Indeed, the recent rally puts Bitcoin on course to post its strongest four-week run of gains since January, which it pumped up 42% from under $17,000 to nearly $24,000.

Speculation is rife that the US Securities and Exchange Commission (SEC) is set to approve a batch of spot Bitcoin ETFs as soon as January, so newsflow on this topic will remain a big market mover for the foreseeable future.

But macro events are also likely to remain in the spotlight.

Next week sees the release of US Consumer Price Index (CPI) and Retail Sales data for October that, if week like the latest US jobs and manufacturing PMI numbers, could add to bets that the Fed’s tightening cycle is over, and that a rate cutting cycle will soon begin.

This would likely weigh on US government bond yields and support US stock prices and, given the historical positive correlation between US stocks and crypto and negative correlation between US yields and crypto, would likely provide fresh tailwinds for crypto.

Of course, strong data could cause an opposite reaction, especially given