Matrixport Predicts Bullish Momentum for Bitcoin in the Coming Year
Anticipating the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Matrixport’s latest market preview predicts a surge in Bitcoin’s price to $50,000 in January.
The crypto financial services platform attributes this potential rally to the approval of ETFs and the upcoming Bitcoin halving, foreseeing a further increase to $125,000. Matrixport emphasizes the anticipated breakout in early 2024, highlighting a changed landscape where institutional investors, unwilling to miss out on potential rallies, stand poised to enter the market immediately when trading opens.
Despite Bitcoin’s impressive 160% growth in 2023, the focus remains on the SEC’s approval of spot bitcoin ETF applications, with initial reports fueling a mini-rally, pushing BTC past the $45,000 mark. Matrixport dismisses suggestions that the current value incorporates SEC approvals and anticipates a new BTC rally with expected inflows of $24-50 billion. Despite Tether’s limited minting activities, the market review suggests that the rally indicates a lack of sellers in the market, pushing prices higher.
Clever Robot News Desk 3rd January 2024
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