Crypto financial services platform Matrixport has made another bullish prediction for Bitcoin price. This time, they predicted Bitcoin to rise to $63,000, including if the flagship crypto token reaches this goal. Matrixport previously predicted that BTC would rise to $50,000 by the end of January, but that did not materialize.
Bitcoin will rise to $63,000 by March!
Matrixport said in its latest report that BTC will 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 the Spot Bitcoin ETF, which was approved over a month ago.
These Bitcoin ETFs have contributed significantly to the resurgence of BTC so far (even before approval). They continue to record impressive demand, which led to significant accumulation of BTC by fund issuers. Interestingly, Bitcoin maximalist Samson Mo recently claimed that without these ETFs, BTC would have fallen by 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. He added that whether BTC makes another all-time high (ATH) depends on “the real flows that the actual ETFs will bring in in the first few weeks of trading.”
The Spot Bitcoin ETF did not disappoint, recording $2.8 billion in net inflows in its first 21 trading days. Bitcoinist also reported that these funds received $2.2 billion in inflows last week.
Other catalysts contributing to Bitcoin’s rise to $63,000
Matrixport also cited Bitcoin halving, interest rate decisions, and the US presidential election as factors that could cause BTC to rise to $63,000. The Bitcoin halving, expected to occur in April, continues to be predicted as an event that could cause the price of Bitcoin to rise sharply.
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. Additionally, Bitcoin has historically made significant gains before halvings.
Additionally, the Fed is expected to cut interest rates as inflation slows. But how much of an impact does this have on Bitcoin's rise to $63,000, given that the Fed's minutes indicate it remains wary of cutting rates too soon (at least by March)? It's unclear.
Matrixport also stated that the US presidential election could impact Bitcoin prices. Similar to interest rate decisions, the elections scheduled for November 2024 are unlikely to affect Bitcoin's trajectory in the short term.
