Matrixport, a cryptocurrency investment firm, has raised its Bitcoin short-term forecast to $36,000. Markus Thielen, the head of research at Matrixport, announced the news on the official channel on March 19th, stating that as Bitcoin reaches the previous target of $28,000, the firm adjusts the short-term price target level.

The price forecast is expected to be reached this summer, with the year-end price expected to be $45,000. Thielen explained that Bitcoin is performing better than Ethereum as a macroeconomic liquidity narrative is formed that is particularly favorable to Bitcoin.

The global cryptocurrency market capitalization also increased by 10.1% from the previous week to $1.23 trillion, exceeding the 50-day moving average of $1.11 trillion. Bitcoin’s market share for the week also recorded 43.2%, higher than the 50-day average of 40.7%.

Moreover, the global cryptocurrency trading volume also increased by 97.6% to $180.7 billion, exceeding the 50-day average of $91.4 billion. The weekly Bitcoin trading volume was 90% above average, and the ETH trading volume was 206% above average.

Interestingly, the number of active Bitcoin addresses increased 10% over the week to 861,000, while the number of active Ethereum addresses decreased by 3.7% to 676,000. However, Ethereum weekly transaction fees rose 22.9% from the average, indicating a high level of network activity.

It is worth noting that the cryptocurrency market has been subject to volatility over the past few months, but the recent announcement by Matrixport has provided a bullish signal for Bitcoin’s short-term future. The market capitalization of Ethereum has also increased, indicating an overall upward trend.

Investors are eagerly watching the market, waiting to see whether the predictions made by Matrixport come to fruition. If Bitcoin does indeed reach the short-term price target of $36,000 this summer, it could provide a significant boost to the overall cryptocurrency market.

#BTC #bitcoin #Matrixport #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Post By: CryptosHeadlines.com

Recent data from Matrixport predicts that Bitcoin could achieve a price of $45,000 in 2023 and soar to $125,000 by the end of 2024. This forecast comes following a robust post-halving rally that has maintained strong support from Bitcoin bulls.As a result, Bitcoin has been edging closer to the $35,000 mark, which has, in turn, triggered a broader cryptocurrency market upswing. The global cryptocurrency market capitalization has experienced a 1% increase in the last 24 hours, bringing it to approximately $1.27 trillion.
Notably, both Bitcoin and Ethereum have surpassed key levels, with Bitcoin above $34,000 and Ethereum above $1,800. Matrixport’s report emphasizes the potential for Bitcoin to reach $45,000 in 2023 and a more substantial $125,000 by December 2024.
Matrixport: Bitcoin in 5th Bull Market, Predicts Significant Price Gains
Matrixport, a prominent research firm, suggests that Bitcoin is currently in its 5th bull market, driven primarily by institutional adoption. This bullish trend began in June of the current year when Bitcoin reached its yearly high.
According to Matrixport’s analysis, Bitcoin is anticipated to reach $45,000 in 2023. The firm’s earlier research indicates that approval of the BlackRock Bitcoin ETF could push Bitcoin’s price to $42,000, and a $50 billion influx could propel it to $56,000.
The report highlights how Bitcoin’s qualities, traditionally linked to assets like gold and safe-haven investments such as Treasury bonds, are now attracting institutions looking to diversify their asset portfolios.
Moreover, Matrixport predicts that Bitcoin’s price will soar to $125,000 by December 2024, more than six months following the Bitcoin halving event. Interestingly, the report notes that October 2022 presented an excellent opportunity for purchasing Bitcoin, as it was trading at $17,000.

The broader crypto market is experiencing substantial trading volumes, largely attributed to increased interest from investors and whales, especially amid the excitement surrounding Bitcoin ETFs. While some traders and analysts anticipate another opportunity to buy Bitcoin below $32,000, the cryptocurrency has remained resilient above this level.
Standard Chartered and Binance CEO CZ Predict Bullish Bitcoin Future
Financial institution Standard Chartered and Binance CEO CZ have shared their bullish predictions for Bitcoin’s future. Standard Chartered forecasts that the cryptocurrency’s price could reach $50,000 by the year’s end and potentially exceed $120,000 in the following year. Meanwhile, CZ also anticipates a post-halving rally for Bitcoin based on historical data.
As of the latest data, the price of Bitcoin is currently at $34,313, having moved relatively sideways over the past 24 hours following a significant rally. During this time, it reached a low of $33,983 and a high of $35,133, with a 20% decrease in trading volume over the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #Matrixport #ETF #BitcoinETF

The cryptocurrency market has been on a roller coaster ride since the start of the year, with Bitcoin prices fluctuating wildly amid speculations about the approval of a spot Bitcoin exchange-traded fund (ETF). A Bitcoin ETF would allow investors to buy and sell Bitcoin through a regulated platform, without having to deal with the complexities and risks of holding the digital asset directly.🔹What Happened Last Week?Last week, the market was hopeful about the USA. News that the Securities and Exchange Commission (SEC) will approve the first Bitcoin ETF in the country sparked a surge in Bitcoin prices reaching $45,800, several sources said.However, the optimism was short-lived, as the SEC did not announce any decision on the ETF applications. Instead, the market witnessed a sharp reversal, with Bitcoin prices plunging by 8% on Wednesday, wiping out the gains from the previous day. The slide was triggered by growing doubts about the likelihood of the ETF's approval, as well as a broader sell-off in the crypto sector.🔹 Why is the ETF Approval Unlikely?One of the main reasons why the ETF approval is unlikely in the near term is the lack of a critical requirement that the SEC has repeatedly emphasized: a surveillance-sharing agreement with a regulated market of significant size. This means that the SEC wants to ensure that the Bitcoin market is transparent and fair, and that it can monitor and prevent any fraudulent or manipulative activities.According to Matrixport, a financial services firm that offers crypto trading, lending, and custody solutions, none of the current ETF applicants have met this requirement. Matrixport expects the SEC to reject all the ETF proposals in January, and possibly extend the review period for some of them.Matrixport also pointed out that the SEC has recently issued a warning to investors about the risks and challenges of investing in Bitcoin futures ETFs, which are different from spot ETFs. Bitcoin futures ETFs track the price of Bitcoin futures contracts, rather than the actual Bitcoin price. The SEC cautioned that these ETFs may not accurately reflect the value of Bitcoin, and that they may expose investors to additional costs and risks.🔹 What's Next for the Bitcoin Market?The Bitcoin market is likely to remain volatile and uncertain until the SEC makes a clear decision on the ETF applications. Traders and investors are closely watching the developments, as the approval of a Bitcoin ETF could boost the adoption and legitimacy of Bitcoin, and potentially drive its price higher.However, Matrixport advises caution and patience, as the approval of a Bitcoin ETF is not a guarantee of success. Matrixport reminds investors that there are many other factors that affect the Bitcoin price, such as supply and demand, innovation, regulation, and competition. Matrixport also suggests that investors should diversify their portfolio and hedge their risks, rather than relying solely on the ETF outcome.Bitcoin ETF saga is far from over, and the market is likely to experience more twists and turns in the coming weeks and months. The best strategy for investors is to stay informed, be prepared, and be flexible.#BTC #etf #sec #ETH #Matrixport