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.
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This article was republished from azcoinnews.com
