Bitcoin extended its yearlong rally overnight, pushing past $42,000 for the first time since April 2022.
The price of bitcoin
BTCUSD,
was at $41,409.53 early Monday, but touched a session high of $42,140.09 ahead of that, according to CoinDesk data.
The cryptocurrency is up more than 13% over the past month and up more than 130% year to date, amid anticipation that regulators will soon approve a bitcoin exchange-traded fund. The Securities and Exchange Commission is expected to make its decision by Jan. 10. The agency has rejected spot bitcoin ETF applications in the past, but experts predict a different outcome this time, as the regulatory mood appears to be shifting.
Read more: Why bitcoin ETFs launch won’t be a ‘buy the rumor, sell the news’ event
Still, the price of bitcoin is down more than 40% from its all-time high in 2021.
Last week, Anthony Rousseau, the head of brokerage solutions at TradeStation, told MarketWatch that bitcoin is setting up to hit a new high in 2024, thanks to the expected ETF approval and a halving event likely coming in April. Bitcoin hit new highs after three previous halvings.
In November, AllianceBernstein analysts said bitcoin could soar to as high as $150,000 in 2025, as it rides a new bull cycle.
Other cryptocurrencies rode bitcoin’s coattails higher, including ethereum
ETHUSD,
Bitcoin Cash
BCHUSD,
and Litecoin
LTCUSD,
Barbara Kollmeyer contributed to this report
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