Matrixport Forecasts Bitcoin at $50000 in January 2024 Amid ETF Excitement

Bitcoin

In the fast-growing world of cryptocurrency, more and more investors, institutions, and even regular shoppers are getting drawn to Bitcoin. The big reason behind this heightened interest is the possibility of getting approval for something called a spot Bitcoin ETF, which stands for Exchange Traded Fund.

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In the middle of all this excitement, Matrixport, a financial services platform, is saying that Bitcoin (BTC) could reach $50,000 in January 2024, but there’s a catch. This prediction hinges on the approval of something called a spot Bitcoin ETF. They’re basically saying that if this ETF thing gets the green light, the price of Bitcoin might shoot up. Matrixport is making this guess based on the buzz around the spot Bitcoin ETF and the fact that the price of BTC has been holding steady. However, they also point out that January might see a breakthrough, a moment when the price of BTC could break free from its steady pattern.

Crypto Landscape and Stocks Rally on Spot Bitcoin ETF Anticipation

At this time last year, both the overall cryptocurrency landscape and stocks related to crypto were going through a bearish phase. However, the situation took a turn in 2023 when major asset management firms filed applications for a spot Bitcoin ETF. This move resulted in significant upswings for both stocks and cryptocurrencies. As institutional investors aim to seize potential rallies, the opening bell of 2024 is expected to bring a surge, catching investors off-guard once again.

Despite the overall positive sentiment, Bitcoin is currently trading near the $45,600 level, experiencing a notable 7% price surge in the last 24 hours. This surge in BTC price has also influenced other major digital assets, with Ethereum (ETH) witnessing a 4.5% increase and Solana (SOL) surging by over 11% during the same period.

The key driving force behind these movements could be the imminent approval of a Bitcoin Spot ETF, anticipated either today or tomorrow, ahead of the expected timeline between January 8-10. In contrast to previous instances where market reactions were subdued post-approval, this time, approval is viewed as a legitimizing factor for Bitcoin as an asset class. This approval is anticipated to attract institutional portfolios, considering Bitcoin as collateral for other assets, marking a shift from previous ‘sell-the-news’ events.

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Matrix’s Bullish Predictions: Bitcoin ETF Impact and Halving Cycle Boost

Matrix’s projections for October 2023 are spotlighting the potential impact of a US-listed Bitcoin Spot ETF, estimating a substantial influx of $24-50 billion, capable of driving significant price surges. Adding another dimension to the anticipated rally is the impending Bitcoin halving cycle scheduled for April 2024. Historically, these cycles have led to supply shortages and notable price spikes, contributing to the overall bullish sentiment.

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What adds intrigue is Bitcoin’s historical performance during halving cycles, coinciding with the US election cycle. Looking back at 2020, 2016, and 2012, Bitcoin has showcased remarkable average returns of over 192% during these election years. This historical trend suggests a potential push for Bitcoin toward the previously established target of $125,000.


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.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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