"Hopefully we can reach $41K next month, I'm afraid it won't happen."
The price of the king of cryptocurrency Bitcoin (BTC) is currently hovering below $38,000 as investors believe that the Securities and Exchange Commission (SEC) of the United States (US) will approve spot BTC in the near future.
By observation, a large amount of BTC worth almost $1 billion has been withdrawn from crypto exchanges in the last two weeks.
According to an on-chain crypto analyst Willy Woo, BTC flows have made a strong shift away from crypto exchange platforms and he has seen a similar shift towards buying during previous crypto market crashes.
In addition to the outflow of BTC from crypto exchanges, the SEC has asked for public feedback in determining whether to approve Franklin Templeton's spot BTC ETF application.
Initially, the US regulator intended to take more time to make a decision but the SEC has now changed its stance, thus it has boosted investors' hopes for spot BTC ETF approval.
Another supporting catalyst for the BTC price increase is the growing stablecoin exchange reserves where there is $15.23 billion in Tether (USDT) held in the top 10 USDT exchange wallets.
So here it can be seen that it represents the buying power and the expected demand for BTC will increase then the price can climb to $41,000 in December 2023 if the digital asset can break through its resistance zone at $38,000.
As of this writing, the price of BTC has plunged by 0.44% to $37,813 in the last 24 hours with a market cap of $739 billion but is still up 1.06% over the last week.
