Crypto Expected to Gain Without Spot Bitcoin ETF Approval
A recent report from financial services company Matrixport highlights various catalysts, including increased liquidity, the upcoming Bitcoin halving event, and the potential re-election of Donald Trump as U.S. president. According to Senior Analyst Markus Thielen, Bitcoin could experience significant growth in 2024, even without the approval of the spot ETF.
Matrixport analysts previously predicted a valuation of $42,000 to $56,000 if the U.S. SEC approved a spot bitcoin ETF. However, the latest report suggests that both Bitcoin and the overall crypto market can grow without ETF approval. Even if the SEC disapproves of bitcoin spot ETFs in January 2024, higher crypto prices are likely. The report recommends monitoring the bitcoin dominance chart for potential altcoin rally signals. The surge in U.S. money market funds, reaching $6.1 trillion since the beginning of the COVID-19 pandemic, has created a favorable environment for investments in volatile assets such as stocks and cryptocurrencies.
Impact of Bitcoin Halving Event and Potential Election of Donald Trump
The upcoming halving event of Bitcoin, scheduled for April, is expected to lead to a +192% increase in prices. The potential re-election of Donald Trump could also positively impact the U.S. economy, influencing U.S. stocks and crypto tokens. Matrixport’s prediction of Bitcoin surpassing the $42,000 mark has come true, with Bitcoin currently trading at $42,634. Discussions among Federal Reserve members about potential rate cuts have led Matrixport researchers to predict that BTC could reach $125,000 per coin by the end of 2024.
Hot Take
According to Matrixport’s report, Bitcoin is poised for significant growth in 2024, even without the approval of the spot ETF. The upcoming halving event of Bitcoin and the potential re-election of Donald Trump are key factors contributing to this growth. As a crypto investor, it’s essential to monitor these catalysts and the overall market trends to make informed investment decisions and maximize your gains in the coming years.
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