Matrixport Predicts Bitcoin Price Surge to $50,000 This Month
Matrixport has released a report stating that Bitcoin’s price is expected to reach $50,000 this month. The prediction is based on several factors, including the potential approval of a Bitcoin Spot ETF, institutional buying momentum, and historical trends.
Bullish Factors Driving the Price Surge
The analysis by Matrixport suggests that after a period of consolidation in December, Bitcoin is poised for a strong breakout in the new year. The influx of institutional investors looking to take advantage of potential rallies is expected to drive this surge.
Institutional Investors and Buying Flow
The report emphasizes the importance of institutional investors not wanting to miss out on market upswings. It predicts that their eagerness to capitalize on potential gains will lead to a swift and immediate buying flow when trading resumes in 2024.
Spot Bitcoin ETF Approval
Matrixport highlights the speculation surrounding the approval of a Bitcoin Spot ETF by the US SEC. The report suggests that the announcement could be made this week. Matrixport argues that approval would legitimize Bitcoin as an asset class for institutional portfolios.
Potential Supply Shortage
The report also points out the scarcity of available Bitcoin on exchanges due to many holders adopting cold-storage options. Matrixport estimates that up to $10 billion in fiat money may struggle to find sufficient Bitcoin on exchanges for ETF exposure, potentially contributing to a supply shortage.
Bitcoin Halving Cycle and Historical Trends
In addition, Matrixport takes into account the upcoming Bitcoin halving cycle expected in April 2024 and historical trends suggesting strong performance during election years.
Hot Take: Bitcoin Price Rally Continues
The price of Bitcoin has surged past the $45,000 mark for the first time since April 2022. With Matrixport’s prediction of a further surge to $50,000 this month, the bullish momentum of Bitcoin continues. Factors such as the potential approval of a Bitcoin Spot ETF and institutional buying flow are expected to drive this price rally. Additionally, the scarcity of available Bitcoin on exchanges and upcoming events like the Bitcoin halving cycle contribute to the positive outlook for Bitcoin’s price. Overall, it seems that Bitcoin is poised for continued growth in the near future.
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