In 2023, the exchange rate of the main cryptocurrency showed excellent results, increasing from $16,500 at the beginning of the year to the current $43,000, according to Coingecko. Many experts also claim that bitcoin will continue its upward trend.

Experts from Kaiko believe that bitcoin can expect a strong end to the year, especially after an impressive last quarter. The company specializing in cryptographic data notes that bitcoin doubled its value in a year just twice earlier — in 2016 and 2020.

Do not forget that such an increase in the bitcoin exchange rate in the fourth quarter of 2020 was accompanied by a massive bullish growth the following year, which led to the price of the cryptocurrency reaching $63,000 in April and a record high of almost $70,000 in November.

One of the potential factors contributing to the rise in the price of BTC is the possible approval of a spot bitcoin ETF by the U.S. Securities and Exchange Commission. Several large financial companies, such as BlackRock, Invesco and Fidelity, have already applied to create similar products in the United States.

It is predicted that the regulator will express its opinion on each of the applications in the first quarter of next year. Given that the acceptance or rejection of such applications often occurs at the last moment, it is likely that a decision will be made no earlier than the New Year.

Intra-network indicators also play an important role in predicting the possible growth of bitcoin. According to CryptoQuant, open interest in BTC has grown significantly over the past three days, reaching almost $11.3 billion dollars. This has led to an increase in cryptocurrency volatility in the short term.

In addition, over the past week, the net flow of BTC has been in the negative zone twice. The transition from storing cryptocurrencies to trading may increase pressure from sellers, which, in turn, may cause a correction in the exchange rate.