Bitcoin Could Reach $63,000 by March 2024, Says Matrixport Report
A recent report from Matrixport suggests that Bitcoin (BTC) has the potential to reach a target price of $63,000 by March 2024. The report highlights four key catalysts that could contribute to this surge in price:
- The approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC.
- The upcoming Bitcoin halving event in 2024, which will reduce supply.
- Expectations of interest rate cuts following the Federal Reserve’s Federal Open Market Committee meetings.
- Uncertainty surrounding the US presidential elections and its potential impact on Bitcoin prices.
Spot Bitcoin ETFs Gain Momentum
Since the approval of spot Bitcoin ETFs by the SEC, there has been a growing demand for these products. Daily trading volume for spot Bitcoin ETFs recently reached nearly $2 billion, marking a significant increase. Inflows into these ETFs have also surged, accounting for almost half of the total net inflow since their inception.
Bitcoin Halving and Interest Rate Cuts as Catalysts
The upcoming Bitcoin halving event is expected to further drive the price of BTC higher by reducing supply. Historically, halving events have preceded substantial price rallies due to the decreased supply of new Bitcoins entering the market.
In addition, expectations of interest rate cuts following the Federal Reserve’s FOMC meetings could make riskier assets like Bitcoin more attractive. Lower interest rates typically reduce the appeal of yield-generating investments and drive investors towards growth-oriented assets.
Expert Opinions on Bitcoin Price Surge
Bitwise Chief Investment Officer Matt Hougan believes that Bitcoin could surpass $80,000 this year, thanks to the success of spot ETFs and increased institutional investment. Similarly, analysts at investment firm Bernstein expect Bitcoin to resume its upward trajectory, potentially surpassing its previous all-time high of $69,000.
Meanwhile, Anthony Scaramucci, the founder of hedge fund SkyBridge, suggests that Bitcoin’s price could reach $170,000 in the coming year.
Hot Take: Bitcoin’s Potential for Growth
The Matrixport report provides a positive outlook for Bitcoin’s future price. With catalysts such as spot ETFs, the Bitcoin halving event, interest rate cuts, and political uncertainties, Bitcoin has the potential to reach new heights. As an investor, staying informed about these factors can help you make informed decisions and potentially benefit from Bitcoin’s growth.
By
By
By
By