Matrixport analysts have published a new report updating their near-term Bitcoin (BTC) price predictions.
According to a new document from Matrixport, experts believe that the goal of BTC reaching $63,000 in March 2024 is achievable. In their opinion, the main growth factors include several situations.
The report notes that Bitcoin continues to see inflows even after the approval of spot ETFs, highlighting the growing interest from institutional investors.
Another important factor is the upcoming Bitcoin halving event. There have been halving events in the past that caused Bitcoin prices to rise. However, it is still unclear whether this effect will be seen this time as well.
Finally, the upcoming US presidential election and political uncertainty could impact Bitcoin prices. However, the impact of such political events on the cryptocurrency market is highly complex and difficult to predict accurately.
Previously, Matrixport stated that February is a favorable month for investing in Bitcoin. Analysts point to seasonal patterns over the past decade that suggest February is a favorable month to invest in Bitcoin. In 7 out of 10 cases, initial cryptocurrency profitability in February averaged 8%.
“February tends to be a favorable month for Bitcoin, showing a remarkable seasonal pattern with positive returns in seven of the past 10 years, averaging +8%.”
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At the same time, the fair value of Bitcoin is still zero, the ECB expert said. Ulrich Binzdale, director of market infrastructure and payments, and Jürgen Schaff, an advisor to the institution, said that even if the price of IES rose from $17,000 to $51,000, the asset would still collapse.
