Copyrighted Image by: Reuters.

Bitcoin's value surged past the $34k mark last week, driven by expectations of the U.S. Securities and Exchange Commission's (SEC) approval of a Bitcoin exchange-traded fund (ETF). Analyst Michaël van de Poppe predicts that Bitcoin will face resistance at the $38k level, but anticipates a rally to between $45k and $50k in anticipation of the halving event scheduled for April 2024.

The halving event, which is a feature of Bitcoin's design that reduces mining rewards by approximately every four years, tends to drive up Bitcoin's price due to supply-demand dynamics. Following this event, van de Poppe expects a period of consolidation before new all-time highs are reached.

Meanwhile, TradingShot, another market analyst, paints an even more bullish picture of Bitcoin's future. They predict a 310% price growth that could potentially catapult Bitcoin to hit the $100k mark by October 2024. Both forecasts hinge on the upcoming SEC decision regarding the Bitcoin ETF, which if approved, could significantly boost institutional investment in the cryptocurrency market.

https://www.investing.com/news/cryptocurrency-news/bitcoin-on-the-rise-with-potential-sec-approval-of-etf-93CH-3213920