Matrixport is optimistic that the price of BTC could reach US$63,000 in March 2024 or one month before the Bitcoin halving.
Matrixport names four catalysts that will drive Bitcoin prices next month.
First and foremost was the landmark approval of a spot Bitcoin ETF by the SEC on January 10th.
Second is the upcoming Bitcoin halving event in 2024 is another important driver.
Third is that anticipated interest rate cuts following the Federal Reserve meeting could support risk assets such as Bitcoin.
Fourth is the looming US presidential election and the associated policy uncertainty that has often seen investors flock to Bitcoin as a hedge against potential economic changes.
This sentiment is also supported by industry stalwarts, with Bitwise CIO Matt Hougan predicting Bitcoin could surge past US$80,000, supported by ETF-driven demand.
