Bitcoin and other cryptocurrencies experienced significant growth on Wednesday, hitting their highest levels in 20 months. Bitcoin's price has surged 5 in the past 24 hours, hitting a high of over $44,000, the highest level since April 2022. This ongoing rally, which began in mid-October, has been fueled by anticipation of U.S. approval for the first Bitcoin spot ETF, dovish signals from the Federal Reserve, a tight supply of Bitcoin ahead of the expected halving, and a contentious U.S. presidential election next year. The historical trend of Bitcoin quickly moving through the $40,000 range suggests that $50,000 could be in sight unless a correction occurs. There is a reluctance to sell among many holders, creating a tight supply situation that could be amplified by the upcoming Bitcoin halving.