crypto-subsidiary-matrixport-seeking-to-raise-40m/” rel=”nofollow”>Matrixport crypto Financial Services Platform has made another bullish prediction for the price of bitcoin. This time, they predicted that bitcoin would rise to $63,000, even as the flagship crypto token reaches 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 rise to $63,000 in March!
Matrixport mentioned in its latest report that btc will rise to $63,000 in March this year. Although this price level seems ambitious, the crypto platform noted that it can be achieved by taking certain factors into account. One includes the bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>bitcoin Spot ETFwhich bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>They were approved more than a month ago.
These bitcoin ETFs have so far contributed greatly to the btc resurgence (even before They were approved). They have continued to see impressive demand, resulting in a significant accumulation of btc by fund issuers. Curiously, bitcoin-swift-rise-to-1-million/” rel=”nofollow”>Samson Mow, bitcoin maximalist He recently argued that btc would have been down up to 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 as high as $69,000 thanks to these bitcoin Spot ETFs. So they fixed Whether btc reaches its all-time high (ATH) again will depend on the “genuine flow that the real ETF will bring in the first few weeks of trading.”
bitcoin Spot ETFs have not disappointed, bitcoin-etfs-since-launch/” rel=”nofollow”>recording $2.8 billion in net inflows during the first 21 days of trading. Bitcoinist too bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>reported how these funds received $2.2 billion in inflows last week.
Other catalysts that will contribute to the rise of bitcoin to $63,000
Matrixport also mentioned the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving, interest rate decisions and the US presidential election as factors that could send btc up to $63,000. The bitcoin Halving, which is expected to take place in April, continues to project as an event that could cause the price of bitcoin to increase exponentially.
In the case of Matrixport, they hope that the hype around the event will see btc rise to $63,000 before it even happens. It is not uncommon for the flagship crypto token to get priced ahead of a highly anticipated event like the bitcoin Halving. Furthermore, bitcoin historically makes significant gains before halving.
Additionally, the Federal Reserve is expected to reduce interest rates as inflation cools. However, it is unclear how much this could affect bitcoin's rise to $63,000, considering that the Fed minutes showed that they are still cautious about cutting rates too quickly (at least not as soon as March).
Matrixport also stated that the united states presidential elections could influence the price of bitcoin. Like the interest rate decision, the election, scheduled for November 2024, is unlikely to affect bitcoin's trajectory any time soon.
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btc bears fail to drag price down | Source: BTCUSD On Tradingview.com
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