Standard Chartered Bank report states that due to the "earlier-than-expected launch" of a Bitcoin spot ETF, the price of Bitcoin may reach six figures by the end of 2024. Swiss asset management company Pando Asset submitted a spot ETF application on November 29. With the halving approaching, the cycle of crypto miners accumulating Bitcoin before the halving is now underway. Positive news such as inflation cooling and the Fed's interest rate cuts continue to drive the price up.

At the beginning of the week, Bitcoin opened with a sharp rise, and the bulls broke through the 40,000 mark to reach a new high as expected. In today's Asian session, the price tested the 40,915 level but faced resistance and pulled back, fully in line with our bullish outlook from yesterday. The daily chart continued to close higher with a large bullish candle, marking a strong finish for the week. The eight consecutive bullish days formed a one-way pattern. We cannot accurately predict how high the price can rise after reaching a new high, but rapid upward movement is prone to reaching a peak, so we will refrain from chasing excessively high prices for now.

From a technical perspective, looking at the four-hour chart, the starting point of this second wave was at the lower band at 36,700, which was the entry point we previously suggested for long-term positions. After bottoming out and rebounding, the price showed a step-like upward trend, gaining momentum after breaking through the strong resistance zone around 38,500. Based on the historical trajectory, a one-way movement exceeding 5,000 points in the larger time frame will likely lead to a short-term trend reversal, so we need to be cautious about a potential turning point at this time.

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