Matrixport crypto financial services platform He made another bullish prediction for Bitcoin price. This time, they expect Bitcoin to rise to $63,000, including when the main cryptocurrency token reaches that target. Matrixport had it I expected earlier That BTC would rise to $50,000 by the end of January, even though that did not happen.
Bitcoin will rise to $63,000 by March!
Matrixport mentioned in Latest report That BTC will rise to $63,000 by March of this year. Although this price level seems ambitious, the cryptocurrency platform noted that it is achievable taking certain factors into account. One includes Bitcoin ETFsany Approved Since more than a month.
Bitcoin ETFs have so far contributed significantly to the resurgence of Bitcoin (Even before have been approved). They continued to record impressive demand, resulting in Big backlog BTC by fund issuers. Interestingly, Bitcoin maximum samsun mo He recently argued that Bitcoin would have fallen by as much as 20% if not for these ETFs.
Meanwhile, trading firm QCP Capital shares similar sentiments with Matrixport as it noted in a previous report how Bitcoin could soar as high as $69,000 thanks to Spot Bitcoin ETFs. after that advertiser That BTC returns to its all-time high (ATH) will depend on “the real inflow that the actual ETF will bring in the first few weeks of trading.”
Spot Bitcoin ETFs did not disappoint, registration $2.8 billion net flows during the first 21 trading days. Bitcoinist too mentioned How these funds saw $2.2 billion in inflows last week.
Other catalysts that will contribute to Bitcoin rising to $63,000
Matrixport also reported Bitcoin halvingInterest rate decisions and the US presidential election are factors that could make Bitcoin rise to $63,000. Bitcoin halving is expected to take place in April. Still expected As an event that may cause the price of Bitcoin to rise significantly.
In the case of Matrixport, they expect the hype surrounding the event to send Bitcoin rising to $63,000 before it even happens. It is not uncommon for a major cryptocurrency token to price out before a long-awaited event such as the Bitcoin Halving. Moreover, Bitcoin Historically Achieves significant gains before the halving.
Moreover, the Federal Reserve is expected to cut interest rates as inflation declines. However, it is uncertain how much this will affect Bitcoin's price rise to $63,000, considering that… Federal Reserve Bank Minutes They showed they are still cautious about cutting interest rates too quickly (at least not in March).
Matrixport also reported that US presidential elections It can affect the price of Bitcoin. Just like the interest rate decision, the elections scheduled for November 2024 are unlikely to affect Bitcoin's short-term trajectory.
BTC bears fail to drag price down | Source: BTCUSD On Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
