Matrixport’s Insights Into Bitcoin’s Future
Matrixport, a prominent player in the digital asset space, has released a research report titled “2024 Unveiled: Six Micro and Macro Events That Will Shape Bitcoin,” providing a glimpse into pivotal events expected to influence the crypto landscape in 2024. The report, which can be found here, highlights a mix of micro and macro events that are anticipated to have a positive impact on the industry, with a specific focus on Bitcoin.
Top 6 Predictions For Bitcoin And Crypto
The first prediction outlined in the report is the expectation of the US Securities and Exchange Commission (SEC) approving a Bitcoin ETF. Matrixport believes that the approval of the first spot ETFs will likely take place by January 2024, with trading expected to commence by February or March. This event is seen as a significant catalyst for increased institutional investment in Bitcoin.
Another prediction involves the potential listing of stablecoin issuer Circle on the stock market by April 2024, which is viewed as a crucial step towards mainstream acceptance of digital assets.
The third prediction focuses on FTX, with the report forecasting its operational launch by May or June 2024. FTX is anticipated to regain its position as one of the top 3 exchanges within 12 months.
The interplay of these events with the Bitcoin halving cycle is also mentioned, suggesting a synergistic effect that could provide momentum into the following year.
Ethereum And Macro Predictions
Matrixport also anticipates Ethereum’s EIP-4844 upgrade scheduled for Q1 2024 and considers it a noteworthy event. Additionally, the potential US Federal Reserve interest rate cut by mid-2024 is highlighted as a macro event that could significantly impact the crypto market.
Hot Take: Analysis Of Short-Term Bitcoin Price Movement
The report concludes with an analysis of short-term Bitcoin price movement, noting that next week’s US CPI data could trigger another rally in Bitcoin if inflation declines again. The report forecasts Bitcoin attempting to break out and potentially reaching up to $45,000 by the end of 2023, catalyzed by a ‘Santa Claus rally’. At press time, BTC traded at $36,657.
By
By
By
By