Bitcoin $50,000
Bitcoin (BTC) Price Set to Hit $50,000, Matrixport Points to ETF Approvals and Institutional Interest
Matrixport, a prominent cryptocurrency financial services platform, has made a bold prediction that the Bitcoin (BTC) price is poised to reach $50,000 in January. The forecast is fueled by a confluence of factors, including the potential approval of Bitcoin spot exchange-traded funds (ETFs), growing institutional interest, supply shortages and historical trends. This optimistic prediction from Matrixport comes on the heels of a remarkable surge in Bitcoin's price. As of the latest update, Bitcoin is trading at $45,849, reflecting an impressive 7.56% increase in the last 24 hours alone. This surge propels Bitcoin to a 21-month high, adding substantial weight to Matrixport's forecast of the cryptocurrency reaching an even more ambitious target of $50,000 in January 2024.
Potential catalysts for Bitcoin In a comprehensive report released by Matrixport, the company suggests that a significant catalyst for the anticipated surge is the potential approval of Bitcoin spot ETFs. According to the report, an announcement could come sooner than expected, possibly today or tomorrow, ahead of the anticipated approval window on Jan. 8, 9 or 10.
Matrixport emphasizes a potential upside risk, indicating that a substantial amount of fiat money, estimated between $5-10 billion, might struggle to find sufficient Bitcoin on exchanges for ETF exposure. This scarcity is attributed to the movement of Bitcoin off exchanges following the 2022 bankruptcies and FTX crypto exchange incidents. The report highlights the impact of Bitcoin mining companies limiting supply around the upcoming halving cycles, expected in April 2024. This limitation could contribute to a supply shortage, potentially leading to a scenario where buyers are eager, but sellers resist selling at prevailing price levels. Drawing parallels with historical data, Matrixport notes that Bitcoin tends to rally strongly during halving cycles, coinciding with the U.S. election cycle.
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