Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A New Target
February 23 2024 - 6:05PM
NEWSBTC
Crypto financial services platform Matrixport has made another
bullish prediction for the Bitcoin price. This time, they predicted
that Bitcoin would rise to $63,000, including when the flagship
crypto token hits this target. Matrixport had previously predicted
that BTC would rise to $50,000 by the end of January, although that
didn’t happen. Bitcoin Will Rise to $63,000 By March!
Matrixport mentioned in their 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 includes the Spot Bitcoin ETFs, which
were approved over a month ago. Related Reading: Is
Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34
Million Transaction These Bitcoin ETFs have so far contributed
largely to BTC’s resurgence (even before they were approved). They
have continued to record an impressive demand, which has led to a
significant accumulation of BTC by the fund issuers. Interestingly,
Bitcoin maximalist Samson Mow recently argued that BTC would have
been down as much as 20% if not for these ETFs. Meanwhile,
Trading firm QCP Capital shares similar sentiments with Matrixport
as they noted in a previous report how Bitcoin could rise to as
high as $69,000 thanks to these Spot Bitcoin ETFs. Then, they
stated that BTC revisiting its all-time high (ATH) will depend on
the “genuine flow the actual ETF will bring in the first few weeks
of trading.” The Spot Bitcoin ETFs have not disappointed, recording
$2.8 billion in net inflows during the first 21 trading days.
Bitcoinist also reported how these funds saw $2.2 billion in
inflows last week. Other Catalysts That Will Contribute To
Bitcoin’s Rise To $63,000 Matrixport also mentioned the Bitcoin
Halving, interest rate decisions, and the US presidential election
as factors that could make BTC rise to $63,000. The Bitcoin
Halving, expected to take place in April, continues to be projected
as an event that could cause Bitcoin’s price to increase
exponentially. In Matrixport’s case, they expect that the
hopium around the event will cause BTC to rise to $63,000 even
before it occurs. It is not uncommon for the flagship crypto token
to get priced in ahead of a much-anticipated event like the Bitcoin
Halving. Moreover, Bitcoin historically makes significant gains
pre-halving. Related Reading: Bitcoin Millionaire Takes A
Shot At Cardano For Being A ‘Wannabe Ethereum’ – Details
Furthermore, the Federal Reserve is expected to cut interest rates
as inflation cools. However, it is uncertain how much this could
impact Bitcoin’s rise to $63,000, considering that the Fed’s
minutes showed they are still cautious about cutting rates too
quickly (at least not as soon as March). Matrixport also stated
that the US presidential election could influence Bitcoin’s price.
Just like the interest rate decision, it is unlikely that the
election, slated for November 2024, will impact 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
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