According to Matrixport, a cryptocurrency services provider, Bitcoin is maintaining its course to reach $45,000 by the conclusion of this year.
Bitcoin (BTC) is anticipated to continue its growth, potentially reaching $45,000 by the end of this year. This positive outlook is driven by the sustained high futures funding rates, indicating strong bullish sentiment among traders.
Cryptocurrency services provider Matrixport highlighted this observation in an X post on October 24, characterizing the Bitcoin futures market as being strongly influenced by FOMO (Fear of Missing Out).
🚀 Bitcoin Update: FOMO Returns! 🚀
The #Bitcoin futures funding rate is sky-high, signaling a FOMO-driven market. Bitcoin dominance at 52.1%, with volumes soaring at $29bn traded in 24 hours.
Our 2023 target of $45,000 is on track, thanks to our proven trading models.… pic.twitter.com/tiTqRMQl2b
— Matrixport (@realMatrixport) October 24, 2023
Data from Coinglass shows that BTC futures funding rates experienced a notable surge after surpassing the $33,000 mark. Currently, out of the nine major cryptocurrency exchanges, only one exhibits a negative funding rate, implying that the majority of traders are optimistic about a potential continuation of the rally.
Source: Coinglass
Matrixport, relying on its trading models, maintains that its 2023 Bitcoin target of $45,000 is still feasible. This confidence is supported by Bitcoin’s current dominance at 52.1% and trading volumes reaching $29 billion in under 24 hours.
Additionally, potential factors contributing to a Bitcoin rally include the progress toward a spot Bitcoin ETF, exemplified by BlackRock’s iShares Bitcoin Trust listing on the Depository Trust and Clearing Corporation (DTCC). This development signifies advancements in bringing a Bitcoin ETF to U.S. markets. While some, like lawyer John E.
Deaton, anticipate Bitcoin ETF approval by the end of the year or early 2024, the ongoing SEC discussions with Bitcoin ETF applicants could present a strategic move to gather more information, possibly for devising a rationale for rejecting the spot ETF.
Important:Â 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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