Michael van de Poppe assessed the dynamics of BTC

The flagship of the crypto market continues to actively strengthen its position. According to renowned analyst Mikael van de Poppe, in the short term, the coin’s quotes are capable of testing the round $50,000 area. He noted that this scenario could be realized before applications for the creation of spot Bitcoin funds are approved. The specialist advised opening long positions after local corrections.

Over the past 24 hours, Bitcoin added about 3% in value and settled near the $42,670 mark.. Over the past month, the main digital coin has risen in price by more than 17%. Most experts agreed that the emergence of specialized funds could provide significant support to Bitcoin. A number of experts suggest that the presented instrument can attract extensive liquidity to the crypto market in the amount of $70 billion in a short time.

Researchers from Bloomberg believe that the SEC will approve the relevant applications in early January 2024. Bernstein Research experts also share a similar point of view.. They suggest that the likely approval date for spot funds will be January 10 next year.

It is noteworthy that as Bitcoin strengthens, investment interest in altcoins also grows.. The same Ethereum last week reached a global maximum, which formed at the end of summer last year. However, Cointelegraph representatives say that this does not mean the beginning of the altcoin season. However, this asset segment is showing clear signs of active recovery.

Investors reportedly poured about $973 into DeFi startups last month. This is almost 40% higher than in October. Apparently, the surge in investment activity was influenced by the fact that the Fed did not increase the key rate following the results of the last meeting.