The Expected Approval of Spot Bitcoin ETFs Will Drive BTC Price to $50,000 in January
According to Matrixport, the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will likely cause the price of BTC to jump to $50,000 in January. The crypto financial services platform predicts that institutional investors, who cannot afford to miss out on potential rallies, will buy immediately when the markets open in 2024. This anticipated buying flow will catch investors off-guard and lead to an immediate rally. Despite BTC’s significant growth in 2023, experts believe that the approval of ETF applications by major players like Blackrock and Fidelity will fuel a surge in BTC price.
Impact of Bitcoin Halving on BTC Price
Matrixport’s market preview suggests that BTC’s price will rise to $125,000 due to the combined effects of ETF approval and bitcoin halving. The anticipated inflow of $24-50 billion dollars resulting from ETF approvals is expected to trigger a new BTC rally. However, it is worth noting that Tether’s limited minting activities do not indicate significant fiat into crypto inflows. The current rally in prices may be attributed to a lack of sellers in the market, leading to higher prices.
Hot Take: BTC’s Price Set to Soar in 2024
In summary, Matrixport’s market preview predicts that the approval of spot bitcoin ETFs by the SEC, coupled with bitcoin halving, will drive BTC’s price towards new heights. The platform anticipates a price jump to $50,000 in January, with the potential for further growth to $125,000. Institutional investors are expected to contribute to this rally, motivated by the fear of missing out on potential gains. Despite some skepticism regarding Tether’s limited minting activities, the market review suggests that the current surge in BTC prices may be a result of supply scarcity. Overall, the outlook for BTC in 2024 is highly optimistic.
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