Bitcoin (BTC) price rose to $37k today.

TL; DR

The price of Bitcoin rose to $36,700 in anticipation of the SEC decision on Bitcoin ETFs and driven by a strong trend in the cryptocurrency market. The SEC has a six-day decision period starting today to approve multiple Bitcoin ETF applications. High-profile forecasters suggest that Bitcoin's price could rise between $200k and $350k, influenced by social unrest and the 2024 halving event.

After several days of relatively low volatility, the price of Bitcoin is starting to climb again. A few hours ago, it hit a new 18-month high above $36,700 (per CoinMarketCap data).

While this sounds like good news for the bulls, it's worth looking at the main factors that led to the recent rally.

One possible reason could be the Bitcoin exchange-traded fund (ETF) applications that several financial firms, such as BlackRock and Invesco, have offered in recent months.

Bloomberg ETF analysts James Seifert and Eric Balchunas He said he deserved it. The US Securities and Exchange Commission (SEC) has a six-day window starting today (November 9) to approve or deny ETFs.

Another factor that plays into BTC's growth could be the general state of the market. Most digital assets have made significant gains over the past 24 hours, but the global cryptocurrency market cap has risen to $1.4 trillion.

Bitcoin has had a successful year so far, with its valuation up more than 120% since January 1. However, many experts believe this is the start of an additional rally that could take the asset to new heights.

Two prominent figures who touched on the issue are Max Keizer (Chairman of El Salvador-based Bitcoin mining startup Volcano Energy) and Michael Saylor (Chairman of MicroStrategy).

The former believes that the leader's digital assets could rise to $200,000 following social unrest, while the latter He sees BTC trades above $350k, boosted by 2024 halving event.

If you want to see five more price predictions from celebrities, you can do so in the video below: