Bitcoin (BTC-USD) has been holding steady around the $51,000 mark for nearly 10 straight sessions this month. The consolidation comes after a nearly 93% price increase for BTC over the past six months. Ethereum (ETH-USD), on the other hand, has eked out a 5% gain this week.
Multiple crypto-focused stocks continue to post steady gains following the approval of spot BTC ETFs. Shares of Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), and Coinbase (NASDAQ:COIN) have surged by nearly 51%, 52%, and 38%, respectively, over the past month. However, possible signs of profit booking seem to be emerging as Cathie Wood’s ARK Investment recently sold COIN shares to the tune of $150 million.
In another development, former U.S. President Donald Trump seems to be slowly warming up to cryptos. According to CoinDesk, while speaking with Fox News, Mr. Trump noted that BTC “has a life of its own” and may require some regulation. Back in 2019, he had tweeted that he was “Not a fan of Bitcoin.”
With crypto finally going mainstream, the trend of naysayers warming up to its adoption could continue accelerating. Meanwhile, proponents of cryptos are already seeing new highs for Bitcoin on the horizon. Matrixport sees BTC hitting $63,000 levels next month. Fundstrat Global’s Tom Lee sees BTC climbing to $150,000 by the end of 2024. For now, the TipRanks Technical Analysis tool continues to flash a Buy signal for Bitcoin.
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