Bitcoin Price Action Indicates More Upside Could Soon Arrive

With equity markets open just a half day, the day after Thanksgiving is usually a noneventful day in financial markets. However, something notable did occur last Friday: Bitcoin jumped to its highest prices in 18 months.

Bitcoin surged above $38,000 on November 24 for the first time since May 2022. In what could be a catalyst for exchange traded funds such as the Invesco Alerian Galaxy Crypto Economy ETF (SATO), bitcoin’s albeit brief history indicates that when the cryptocurrency moves to $38,000, momentum will carry it beyond $40,000.