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Bitcoin Back Over $48,000. Onward to $50,000?

Bitcoin has risen $3,000 in the last 24 hours from just below $45,000 to $48,231 at time of writing. The big news is from the SEC in the U.S.A. which finally approved Bitcoin ETFs for the first time late yesterday afternoon. A compromising tweet from SEC Chair Gary Gensler's X / Twitter account was released earlier in the afternoon, apparently by a 'hacker' who released the information early. Gensler was forced to announce the hack and that Bitcoin ETFs hadn't been approved yet. Not long after, the actual announcement followed.

The Bitcoin price initially topped to about $47,500 on the news last night, then dropped to below $46,000 before resuming it's climb to where it sits now. Are we to see $50,000 Bitcoin before the weekend hits? Bix Weir of, stated in his latest interview at SGTReport which can be seen here on BitChute, states that millions of Bitcoin have not moved at all in the previous year. Are HODLers going to give these ETFs a run for their money? We shall see. At the very least, expect high volatility as usual.

A couple of other things that might be affecting the Bitcoin price today:

December CPI hotter than expected. Food costs hit record high.

Oil tanker hijacked in Gulf of Oman.

$34.026 trillion national debt.

The media is saying that Iran is behind this hijacking although the story continues to unfold. Naturally, Brent and WTI Crude are both up over 2% but remain below $80. Oil has been range bound since the New Year holiday ended. So far, the change is insignificant but if tensions continue to build in the Middle East, then watch for prices to climb. Traders are purchasing call options on Brent Crude, speculating that oil prices will hit $110 by March / April.

Higher oil prices are pushing the dollar up this morning, by about half a point on the DXY to 102.745 at time of writing, still well below its peak of 107.077 on October 2, just before the Hamas attacks on Israel.

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Another thing that's closely tied to oil and the dollar is gold. I believe that gold has found a new bottom at or near $2,040. The screen shot below from was taken this morning. Speaking of Kitco,  after being hit with a 'compromising event' more than two weeks ago, appears to have most of its website functional again. This is what a half point increase in the dollar does to gold.

Spot Gold - January 11, 2024

In case you're not aware, oil priced in gold has remained remarkably stable, going back 70+ years! Priced in dollars though, that's where volatility kicks in. Oil priced in Bitcoin is even better. Should we continue to buy oil with dollars? The BRICS alliance doesn't think so. At least 5 new member countries are set to join the alliance in 2024. If you want their resources, you're going to have to pay with something tangible, not paper backed by nothing!

Congress just passed a $1.59 trillion budget for 2024. With a recession and possible depression around the corner, I have a gut feeling it won't be enough and the printing presses will be turned on again sometime later this year. With so many layoffs occurring, how could they possibly collect enough in tax receipts to cover this massive budget? Well, this is just another reason to turn to gold and Bitcoin.

Which is what I'm doing. I've purchased a new computer and will set it up to download the Bitcoin blockchain and set up a node. Please follow and stay tuned as I share more information on the setup process and how things are progressing.

Do you think Bitcoin will kiss $50,000 this weekend or sometime in the near future? Please share your comments below.

See reference section for more information.

Peace and love to everyone!

PublishOx - Earn crypto for blogging


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Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.

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