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Bitcoin Price Prediction And Latest BTC Analysis: $48k By NYE?

Bitcoin price is extending its weekly gains on Thursday. The digital currency is up 0.65% at press time, as its contracts change hands just below $44,000 on exchanges. This also marks the second consecutive daily gain for the leading crypto asset.

On Thursday, many altcoins are outperforming BTC price once again. This is evident from the 2.23% rise in the Total 3 market capitalization which shows the valuation of the altcoin market. A 0.60% decrease in Bitcoin dominance suggests that the capital is flowing out from Bitcoin into the altcoins.

According to the latest reports, BlackRock and Nasdaq have met with the US SEC to discuss the listing terms of the much-anticipated spot Bitcoin ETF. While it is still not confirmed if the regulator would approve the Exchange Traded Fund, the recent developments are pointing toward a positive outcome.

Technical analysis of BTC/USD also gives a very bullish Bitcoin price prediction as the asset is trading close to its 52-week highs. There are strong chances of a retest of the $45.8k and $48k in the coming days or weeks.

The sudden news of the spot Bitcoin ETF’s approval may act as a catalyst for another bullish leg with the targets mentioned above.

Bitcoin price chart