Although bitcoin began January by hitting a 21-month high above $45,000, the month has historically not seen positive returns. Only twice in the past five years has the largest cryptocurrency gained in January, according to data from TradingView. Bitcoin gained 40% last January, but lost 16% the year before. It dropped 8% over 24 hours to trade at around $42,000 on Wednesday. Still, there’s room for bitcoin to rally should a spot bitcoin exchange traded fund (ETF) be approved in the U.S., According to LMAX Digital. “As much as the event has been priced in, considering how much hangs in the balance, there is definitely some money sitting on the sidelines, waiting for an actual confirmation,” it said in a morning note. “We anticipate the rally in the immediate aftermath could amount to a move of about 10% over the course of a day or two.”
