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Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A New Target

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.  

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. 

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. 

Bitcoin price chart from Tradingview.com

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From Bullish To Bearish, Bitcoin Plunges More Than 6% Amid Matrixport’s Contradictory Reports

Matrixport, a crypto financial services platform, has recently made headlines with the release of two conflicting articles on January 2nd about the future of Bitcoin (BTC). The first publication, radiating optimism, projected that Bitcoin’s price could soar to $50,000 in January, spurred by the potential approval of Bitcoin spot exchange-traded funds (ETFs).

This bullish stance was further grounded by disclosing a possible announcement that could happen on January 8th, 9th, or 10th.

Matrixport’s Sudden Shift: A Bullish Sentiment And Then Bearish Counterpoint

Matrixport’s initial bullish report highlighted the transformative impact a Bitcoin spot ETF approval could have on the crypto market. The anticipated approval is seen as a “pivotal” moment that would “legitimize” Bitcoin in the eyes of institutional investors and potentially unlock a significant influx of capital into the crypto market.

This sentiment echoed the growing optimism within the crypto community, with many stakeholders eagerly awaiting regulatory endorsements that could catalyze Bitcoin’s ascent.

However, in a surprising twist, Matrixport released a second article later the same day titled “Why the SEC will REJECT Bitcoin Spot ETFs again.” This piece presented a starkly bearish perspective, contrasting their earlier optimistic forecast.

The article emphasized the political composition of the US Securities and Exchange Commission (SEC), noting that the current Democratic dominance and Chair Gary Gensler’s cautious stance towards crypto might “diminish the likelihood of a spot ETF approval.”

The report argued that such approval would validate Bitcoin as an alternative store of value, a move Gensler “might not be ready to make.”

The firm noted in the bearish article:

An ETF would certainly enable crypto overall to take off, and based on Gensler’s comments in December 2023, he still sees this industry in need of more stringent compliance. From a political perspective, there is no reason to approve a bitcoin spot ETF that would legitimize Bitcoin as an alternative store of value.

Bitcoin Plunge And Crypto Community Reaction

Matrixport’s bearish outlook had immediate repercussions in the crypto market. Bitcoin experienced a notable decline, shedding around 6% of its value and slipping below the $43,000 mark.

Bitcoin (BTC) price chart on TradingView

This downturn wasn’t isolated to Bitcoin alone; Ethereum and other altcoins also saw significant drops, with Solana plummeting by nearly 10%. Data from Coinalyze indicated over $400 million in altcoin liquidations, with long positions bearing the brunt of this market shift.

The publication of these contrasting articles by Matrixport ignited a wave of controversy within the crypto community. Some observers pointed to Matrixport’s founder, Jihan Wu, a prominent Bitcoin Cash supporter, leading to speculations about the firm’s intentions.

This revelation sparked heated discussion, with many saying that Matrixport’s actions were driven by market manipulation motives, especially in light of the market turbulence that followed the viral articles.

Despite the current market condition, as always, some are still bullish, while some even refuse to believe MatrixPort was the cause of this market downturn. Mike Alfred, an investor serving as a board member of BTC miner Iris Energy, already shared his bullish take, noting, “Big money isn’t buying this.”

Featured image from Unsplash, Chart from TradingView

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Bitcoin’s 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions

As the crypto market marches into 2024, various industry experts and financial analysts have recently cast their respective Bitcoin (BTC) predictions for the year.

Among the voices offering insights, Mark Mobius of Mobius Capital Partners LLP stands out for his historically accurate predictions.

Having correctly forecasted Bitcoin’s fall to $20,000, Mobius now envisions a climb to $60,000 by the year’s end. This optimism is further mirrored by Youwei Yang, chief economist at crypto mining firm Bit Mining, who projects a high of $75,000 for Bitcoin in 2024.

Yang’s predictions hinge on a combination of the upcoming Bitcoin “halving” event, which is expected to constrain supply, and the potential inflow of institutional investments following a spot ETF approval in the US.

The Catalysts Behind The Predictions

The notion of a spot Bitcoin ETF approval in the US is a central theme in these bullish forecasts. The expectation of such an event has stirred excitement within the crypto community, drawing parallels to similar financial instruments and their impact on associated markets.

James Butterfill, head of research at CoinShares, believes that a spot ETF approval in the US would mark a “significant change” in the digital asset landscape, potentially integrating cryptocurrencies more closely with traditional financial markets. As for the prediction, Butterfill noted:

Estimations suggest that a 20% investment increase from current assets under management (around US$3 billion) could potentially propel Bitcoin prices to US$80,000.

Butterfill additionally pointed out that potential interest rate reductions by central banks might significantly contribute to an increase in Bitcoin’s value.

Bitcoin (BTC) price chart on TradingView

2024 Bitcoin Predictions above $100,000

Raising the prediction bar, Antoni Trenchev, co-founder of the cryptocurrency exchange Nexo and a well-known Bitcoin advocate, maintains his prediction that Bitcoin could soar to $100,000 in 2024. Despite initially projecting this target for 2022, Bitcoin’s price took a downturn instead of hitting the anticipated high.

Reaffirming his stance, Trenchev attributes his renewed $100,000 forecast for 2024 to the upcoming Bitcoin halving and the possible green light for several spot Bitcoin ETFs in the US. Trenchev anticipates that these two factors will act as a dual catalyst, driving Bitcoin’s value to the $100,000 mark, with prospects of even higher peaks in 2025.

Trenchev, however, cautions about the volatile journey towards this target, predicting fluctuations and significant dips along the way.

In addition to Trenchev’s projections, Standard Chartered and University of Sussex finance professor Carol Alexander also envisions Bitcoin potentially hitting $100,000 in 2024. Alexander suggests this is contingent on the capacity of market maker algorithms from major financial institutions like Blackrock and Fidelity to moderate market volatility.

Echoing these sentiments, Matrixport, a firm specializing in crypto financial services, projects that Bitcoin will hit $125,000 by the end of the year. The firm noted:

Based on our inflation model, the macro environment is expected to remain a robust tailwind for crypto. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts. Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.

Venture capital firm CoinFund offers one of the most ambitious predictions, with managing partner Seth Ginns forecasting Bitcoin’s value to range between $250,000 and $500,000 in 2024.

Ginns attributes this potential surge to factors like the declining correlation with the dollar and real yields, the anticipated impact of newly launched BTC spot ETFs in the US, and the excitement over possible ETH spot ETFs.

Featured image from Unsplash, Chart from TradingView

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Matrixport Foresees Bitcoin Hitting $50,000 Price Mark: Here’s When

Matrixport, a crypto financial services firm founded by Jihan Wu, former CEO of Bitmain has recently shared a summary that delves into its forecast for Bitcoin, predicting a significant surge in its price.

Founded in 2019, Matrixport has been closely monitoring Bitcoin’s market dynamics and trends. Their recent analysis suggests a robust future for Bitcoin, particularly noting its potential to break the $50,000 barrier by 2024.

Spot ETF Approval Could Catapult Bitcoin Above $50,000

Matrixport bases its optimistic forecast on the anticipated approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) in January. This crucial regulatory nod is seen as a pivotal factor that could propel Bitcoin’s price to soar above $50,000.

The summary draws a parallel to a previous significant moment in Bitcoin’s history – the launch of Bitcoin futures by the CME Group and CBOE in December 2017. That event marked a notable spike in Bitcoin’s price, pushing it to reach $20,000 for the first time.

Matrixport equates the potential impact of spot ETFs to this historical milestone, anticipating a similar, if not greater, market reaction.

Industry Experts Echo Matrixport’s Optimism

Matrixport is not alone in its bullish stance on Bitcoin’s prospects. Other industry experts and analysts have echoed similar predictions, especially in light of the probable approval of a spot Bitcoin ETF.

Michael van de Poppe, a prominent crypto analyst, recently suggested that Bitcoin is poised to reach the $47,000-$50,000 range soon. Van de Poppe, just like Matrixport, attributes this potential surge to the anticipated approval of spot BTC ETFs by leading financial entities like BlackRock, Fidelity, and Ark Investment.

Investment management firm VanEck also shares this sentiment, forecasting a substantial influx of funds into spot Bitcoin ETFs. They predict over $2.4 billion pouring into these spot ETFs in the first quarter of 2024 alone.

VanEck’s report highlights a growing investor trend towards ‘hard money’ assets, which are less influenced by US authorities. Bitcoin, with its resilience and limited correlation to traditional financial markets, according to VanEck, stands out as a particularly attractive option for investors.

VanEck analysts also hold a firm belief in Bitcoin’s market stability, projecting that its price will likely not fall below $30,000 in early 2024. This prediction is reinforced by another analyst, Ali, who has identified a robust support zone for Bitcoin between $37,150 and $38,360.

This range is backed by substantial buying activities from around 1.52 million addresses, accumulating approximately 534,000 BTC. Ali’s analysis suggests that this significant accumulation acts as a strong foundation, potentially preventing further downturns in Bitcoin’s value.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Spot Bitcoin ETF Odds ‘Might Have Increased To 100%’: Matrixport

Matrixport, a leading digital finance platform, today, November 22, released a comprehensive research note focusing on the significant implications of yesterday’s developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.

Following the guilty plea of Binance CEO Changpeng Zhao (CZ) and the substantial financial settlements involved, Matrixport suggests that the path for approving a spot Bitcoin ETF might have become significantly clearer. The note highlights the regulatory crackdowns and compliance upgrades in the crypto sector, indicating a shift towards greater regulatory alignment with traditional financial (TradFi) systems.

“Some would argue that the US agencies have cleaned up the industry this year by dismantling the US crypto-related banks, as two of them were running an internal ledger that crypto companies could use 24/7 to transfer fiat. Arguably, few (perceived) major actors are left, and with Bitcoin only declining -3.4% during the last 24 hours, the market is stomaching a major risk-off event,” Matrixport remarks.

Spot Bitcoin ETF Approval Odds At 100% Now?

The company points out that with stringent enforcement actions and enhanced compliance programs becoming the norm among crypto exchanges, the differentiation between regulated and non-regulated cryptocurrency exchanges may become a key metric in 2024. This shift is seen as instrumental in the potential approval of a spot Bitcoin ETF in the US, a development long anticipated by the industry.

“The result will likely be that more exchanges will enhance their compliance programs and become part of a surveillance-sharing agreement, which will be instrumental in approving a spot Bitcoin ETF in the US,” the firm stated, adding, “With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow.”

The firm believes that this “whitewashing” of the industry will not only enhance Bitcoin’s adoption by institutional players but also position it as a safe-haven asset in investment portfolios. “More importantly, this industry’s whitewashing will strengthen the Bitcoin adoption case for institutional players and will likely become a safe-haven asset in investors’ portfolios,” Matrixport predicts.

The note also touches on the anticipated sale of the FTX exchange and its potential relaunch under a US securities law-compliant management team by Q3 2024. Matrixport speculates that this could lead to significant inflows, estimated between $24-50 billion, into any US-listed Bitcoin ETF. They also note the increasing trend of crypto firms making markets on CME-listed crypto derivatives, indicating a shift from retail-focused, unregulated exchanges to those that are fully regulated and cater to institutional clients.

‘Dark Cloud Has Been Removed’ As ETF Makes Progress

Analysts and industry experts have echoed Matrixport’s sentiments. Will Clemente, a noted analyst, stated, “With resolution on Binance, just a matter of weeks until Bitcoin ETF approval now.” Tony “The Bull” Severino, head of research at NewsBTC, commented, “A dark cloud has just been removed from the crypto market.” Conversely, Scott Johnsson, a finance lawyer at Davis Polk, offered a more cautious view, suggesting that “It’s far more likely an ETF decision led the Binance resolution than the other way around imo. And I’m not convinced either is that likely.”

Remarkably, there has been some movement in the spot ETF approval process in the last few days. Ark Invest has kicked off the third round of amendments to the S-1 filings, Grayscale had a meeting with the US Securities and Exchange Commission yesterday regarding its “uplisting.”

At press time, BTC traded at $36,483.

Bitcoin price