Bitcoin continues its surge, touches $42,000 for first time in 20 months

By Mike Murphy

Bitcoin extended its yearlong rally overnight, pushing past $42,000 for the first time in 20 months.

The price of bitcoin (BTCUSD) was at $41,409.53 early Monday, but touched a session high of $42,140.09, according to CoinDesk data.

The cryptocurrency is up more than 13% over the past month and up more than 130% year to date, as anticipation grows that regulators will soon approve a bitcoin exchange-traded fund. The Securities and Exchange Commission is expected to make its decision by Jan. 10. The agency has rejected spot bitcoin ETF applications in the past, but experts predict a different outcome this time, as the regulatory mood appears to be shifting.

Read more: Why bitcoin ETFs launch won't be a 'buy the rumor, sell the news' event

Last week, Anthony Rousseau, the head of brokerage solutions at TradeStation, told MarketWatch that bitcoin is setting up to hit a new high in 2024, thanks to the expected ETF approval and a halving event likely coming in April. Bitcoin hit new highs after three previous halvings.

In November, AllianceBernstein analysts said bitcoin could soar to as high as $150,000 in 2025, as it rides a new bull cycle.

Other cryptocurrencies rode bitcoin's coattails higher, including ethereum (ETHUSD), Bitcoin Cash (BCHUSD) and Litecoin (LTCUSD).

Barbara Kollmeyer contributed to this report

-Mike Murphy

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12-04-23 0729ET

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