Bitcoin reached $40,085 on Sunday, Nov. 3, and this is the highest record in almost 18 months. The surge is reportedly incited by odds that regulators in the United States will approve stock-market traded bitcoin (BTC) funds soon.

Bitcoin's Price Surge

As per Reuters, Bitcoin was up by 1.55%, which added $611 to its last closing rate. In October, the cryptocurrency surged 51.1% from the lowest point in the year of $26,533. Apparently, BTC has more than doubled in price in 2023 after recovering from the meltdown of the so-called stablecoin terraUSD and its sister token, Luna, in May 2022.

Bitcoin was affected by the collapse of Luna and Terra as their downfall caused great havoc in the entire crypto space. In fact, the event also led to the bankruptcy of several high-profile crypto firms. Despite the recent increase in Bitcoin, it is still down compared to its record high of $69,000 in November 2021.

Crypto Experts Predicted Bull Run That May Propel BTC to Reach Over $100,000 in 2024

CNBC reported that cryptocurrency experts said a new bull run has started, which could lead to new all-time highs for Bitcoin next year. It was predicted that the numbers might hit more than $100,000, and this forecast comes after the cryptocurrency rallied more than 120% this year, and many are saying this increase will continue until 2024.

"It feels that 2023 was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for 2024 and 25," the chief executive of Ledger, Pascal Gauthier, told the publication in a previous interview.

Moreover, U.Today also reported that American broadcaster Max Keiser also agreed with the prediction of a new record high as Bitcoin's price closes at almost $40,000. "New ATH for BTC on this pulse, $220,000 in play," he said via a post on social media.

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