Matrixport, a leading player in the digital asset space, published a research titled “2024 Revealed: Six Micro and Macro Events That Will Shape bitcoin” dated Thursday, November 9, 2023, shedding light on the crucial events that they are projected to shape the crypto landscape in 2024. . He report highlights a combination of micro and macro events that are expected to positively impact the industry, with a particular focus on bitcoin.
Top 6 Predictions for bitcoin and crypto
Firstly, the report underlines the anticipation of the US Securities and Exchange Commission (SEC) approving a bitcoin ETF. In particular, the company believes that the approval of the first spot ETFs will take a few more weeks. Matrixport stated: “By January 2024, we anticipate that the SEC will approve a bitcoin ETF, with trading expected to begin in February or March.” This event is considered a massive catalyst for further institutional investment in bitcoin.
Additionally, Matrixport notes the possible listing of stablecoin issuer Circle on the stock market by April 2024. This event is considered an important step towards widespread acceptance of digital assets. According to a bitcoinist reportCircle, the company behind the USDC stablecoin, is eyeing an Initial Public Offering (IPO) in early 2024.
The company is currently collaborating with consultants to lay the groundwork for this potential public listing, although it remains uncertain whether the IPO will ultimately materialize.
Matrixport’s third prediction concerns FTX: “While the announcement of FTX’s winning bid could occur in December 2023, we project that the exchange will be operational in May or June 2024,” the report predicts. FTX is projected to regain its position as a top 3 exchange within 12 months, making a strong comeback in the crypto exchange landscape.
Furthermore, the report mentions the interaction of these three events with the bitcoin halving cycle, suggesting a synergistic effect that could provide momentum in the following year. The halving is expected to take place at the end of April 2024 and could be the most impactful halving of all time. bitcoin will become the most valuable asset in the world as the inflation rate of btc will fall to half that of gold.
ethereum and macro predictions
As a fifth prediction, Matrixport sees ethereum‘s EIP-4844 upgrade, scheduled for Q1 2024, as a less significant, but noteworthy event. The report states: “While viewing this as a significant bullish catalyst is challenging, in Q1 2024, ethereum‘s IEP-4844 upgrade is scheduled.”
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Furthermore, the US Federal Reserve’s possible interest rate cut by mid-2024 is mentioned as a macro event that could have a significant impact on the cryptocurrency market. “This (ethereum upgrade) also coincides with the US Federal Reserve’s potential interest rate cut by mid-2024, as market prices indicate the first rate cut will come in June 2024,” the report details.
The report concludes with an analysis of bitcoin‘s short-term price movement. He notes that “next week’s US CPI data could trigger another bitcoin rally if inflation drops again.”
The report predicts that bitcoin will attempt to break out, with the potential to reach as much as $45,000 by the end of 2023, catalyzed by a “Santa Claus rally.”
At the time of publication, btc was trading at $36,657.
Featured image from iStock, chart from TradingView.com
