Bitcoin has experienced a significant surge in price, reaching its highest point this year at over $44,200. This marks the highest price since the bull market of April 2020. However, there are concerns among analysts that a correction may be on the horizon before the end of the year.Over the past month, Bitcoin has seen a 24% gain, breaking past $44,000 for the first time in 20 months. Despite setting a yearly high, investors are uncertain about whether a major correction is imminent.After consolidating around the $30,000 range for eight months, Bitcoin is ending the year on a high note. Currently trading at $43,160, it experienced a slight dip in the past two hours after reaching above $44,000. Its intra-day high of $44,345 was the highest since April 8, 2020.The surge in Bitcoin’s price can be attributed to various factors, with two standing out prominently. Firstly, there is anticipation surrounding a spot ETF, and the SEC is expected to provide a response in January. Despite a delay in the decision, the community remains hopeful. Secondly, macroeconomic factors are also playing a role, as global central banks move towards rate cuts. This monetary easing could lead to increased investment in “riskier” assets like Bitcoin and stocks.Bitcoin has shown a close correlation with the global money supply, and the rate cuts would further increase this supply, potentially pushing the price of Bitcoin even higher.While Bitcoin’s current run is being celebrated, traders are uncertain about its future trajectory. However, there are indicators that suggest the bull run may continue. The flow of stablecoins into Bitcoin has been on the rise, indicating increased demand from investors. Additionally, the market value to realized value (MVRV) indicator suggests that Bitcoin still has room to grow, with a current value of 2.061.It is worth noting that the MVRV indicator has been rising over the past week, which typically signals selling pressure in the market.Disclaimer: This summary is not an endorsement and readers should conduct their own research before making any cryptocurrency-related decisions.