According to Coincu, crypto analyst at Matrixport predicts a bullish January for Bitcoin, with a potential surge to $50,000 driven by multiple factors, including the possible imminent approval of a Bitcoin Spot ETF. This early approval, which could occur before the expected date of January 8th-10th, may trigger significant institutional buying and legitimize Bitcoin as a collateral asset, pushing its price past the $50,000 mark.
Matrixport also suggests that the upcoming Bitcoin halving cycle and the US election year could contribute to the bullish trend, as historically, these periods have resulted in an average return of 192% for Bitcoin in 2012, 2016, and 2020. This year could follow a similar pattern, potentially propelling Bitcoin towards Matrix on Target's $125,000 target set in July 2023.
Additional evidence of bullish sentiment comes from the elevated Bitcoin funding rate throughout the holidays, indicating traders' optimism about an imminent ETF approval. Even without Tether-driven fiat inflows, the lack of sellers and rising prices suggest a potential price squeeze pushing Bitcoin past $50,000 by the end of the week.
