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 even if the flagship crypto token reached this target. Matrixport had previously predicted that BTC would rise to $50,000 by the end of January, although that did not happen.
Bitcoin will soar to $63,000 in March!
Matrixport mentioned in their final report that BTC will rise to $63,000 in March this year. While this price point seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the Discover Bitcoin ETFswhich were approved over a month ago.
These Bitcoin ETFs have largely contributed to BTC’s revival so far (even before they are approved). They have continued to register impressive demand, leading to a significant accumulation of BTC by the fund’s issuers. Interesting enough, Bitcoin maximalist Samson Mow recently argued that without these ETFs, BTC would have fallen as much as 20%.
Meanwhile, trading firm QCP Capital shares similar sentiments with Matrixport, as they noted in an earlier report how Bitcoin could soar as high as $69,000 thanks to these Spot Bitcoin ETFs. When they declared that BTC will revisit its all-time high (ATH) will depend on the “real flow that the actual ETF will bring in the first few weeks of trading.”
The Spot Bitcoin ETFs Have Not Disappointed, intake $2.8 billion in net inflows during the first 21 trading days. Bitcoinist too reported how these funds saw an inflow of $2.2 billion 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 push BTC to $63,000. The Bitcoin halving, expected to take place in April, is still being projected as an event that could cause the price of Bitcoin to rise exponentially.
In the case of Matrixport, they expect the hopium surrounding the event to cause BTC to rise to $63,000 even before it happens. It is not unusual for the flagship crypto token to be priced ahead of a highly anticipated event such as the Bitcoin Halving. Moreover, Bitcoin historically speaking makes significant profits before the halving.
Moreover, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much impact this could have on Bitcoin’s rise to $63,000 Fed minutes showed that they are still cautious about cutting rates too quickly (at least not as early as March).
Matrixport also stated that the US presidential election could affect the price of Bitcoin. Like the interest rate decision, the elections, scheduled for November 2024, are unlikely to affect Bitcoin’s trajectory in the near 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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