Crypto Financial Services Platform Matrixport He also made a bullish prediction for the Bitcoin price. This time, they predicted Bitcoin to rise to $63,000, including if the flagship crypto token reaches this goal.Matrix port has previously predicted BTC was expected to rise to $50,000 by the end of January, but that didn't actually happen.
Bitcoin will rise to $63,000 by March!
Matrixport mentioned in their article Latest report BTC is expected to rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One is, Spot Bitcoin ETFWhich Approved More than a month ago.
These Bitcoin ETFs have contributed significantly to BTC's resurgence so far (Before too they were approved).They continue to see great demand and that's why considerable accumulation BTC by fund issuer. Interestingly, Bitcoin Maximalist Samson Mo He recently claimed that without these ETFs, BTC would have fallen by as much as 20%.
Meanwhile, trading firm QCP Capital shared similar sentiments with Matrixport, pointing out in a previous report that Bitcoin could rise to $69,000 thanks to these spot Bitcoin ETFs. There is. Then, they said Whether BTC returns to new all-time highs (ATH) depends on “the real flows that the actual ETFs will bring in during the first few weeks of trading.”
Spot Bitcoin ETF did not disappoint. recording In the first 21 business days, net inflows were $2.8 billion.Bitcoinist too report Last week, these funds saw $2.2 billion in inflows.
Other catalysts contributing to Bitcoin’s rise to $63,000
Matrixport also mentioned Bitcoin halving, interest rate decisions, and the US presidential election are cited as factors that could push BTC to $63,000. Bitcoin halving is expected to occur in April. continues to be projected As an event that could cause the price of Bitcoin to rise exponentially.
In the case of Matrixport, we expect BTC to rise to $63,000 even before the event due to hopium before and after the event. It is not uncommon for flagship crypto tokens to be priced in advance of highly anticipated events like the Bitcoin halving.Furthermore, Bitcoin historically Significant profits can be made before the halving.
Additionally, the Fed is expected to cut interest rates as inflation slows. However, it is unclear how much this will impact Bitcoin's rise to $63,000. Fed minutes It showed that it remains wary of cutting rates too quickly (at least by March).
Matrixport also states: american presidential election This may affect the price of Bitcoin. Similar to interest rate decisions, the elections scheduled for November 2024 are unlikely to affect Bitcoin's trajectory in the short term.
BTC bears fail to drag price down | Source: BTCUSD On Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
