Matrixport, a cryptocurrency trading company founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that bitcoin (btc) will reach $45,000 by the end of 2023.
After first setting its late-2023 btc price target at $45,000 in early 2023, Matrixport reiterated its bold bitcoin prediction in a blog post on October 24.
Titled “bitcoin Targets $45,000 – FOMO Is Hitting the Market,” the blog post provides a brief analysis of Matrixport’s previous market forecasts, noting that the company successfully predicted several market events.
Matrixport specifically aforementioned their report “October Ignites a bitcoin Boom: Institutions Driving Price Rising” from September 2023, which has so far successfully predicted significant action in the bitcoin market in October.
The firm predicted that October would be a strong month for bitcoin due to excitement around potential approvals of a spot btc exchange-traded fund (ETF). The firm also noted that October has historically been the strongest month for bitcoin with average returns of 20%.
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After starting October at around $27,000, bitcoin briefly touched $35,000 on October 24, hitting 17-month highs and sparking fears of missing out among investors. At the time of writing, bitcoin is trading at $34,396, up 27% from its price on October 1. bitcoin” target=”_blank” rel=”noopener nofollow”>according to CoinGecko data.
In the report, Matrixport also emphasized that bitcoin‘s breakout above $31,500 in July shows that $45,000 can be reached by the end of the year, adding:
“While our prediction may have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.”
Matrixport first mentioned the $45,000 bitcoin prediction in its bullish report for 2023. published in January 2023. “There is a high statistical probability that bitcoin prices could double between now and the end of the year. “This could push bitcoin prices to $45,000 by Christmas 2023,” the company wrote at the time.
However, some analysts have not been too optimistic about the price of bitcoin in 2023. In December 2022, Standard’s head of global research and chief strategist predicted that bitcoin would fall to as low as $5,000 in 2023. The lowest value of bitcoin so far this year was approximately $16,600.
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