Hodl Your Horses, Bulls: Matrixport Predicts Bitcoin Stampede — Will You Get Trampled Or Triumphant?
Portfolio Pulse from Murtuza Merchant
Matrixport predicts Bitcoin (BTC) could soar above $50,000 by January 2024 if the U.S. SEC approves spot Bitcoin ETFs. The prediction is based on historical price surges related to significant Bitcoin events, such as the CME Group's launch of Bitcoin futures in 2017. Matrixport also notes a potential breakout before the end of the year, citing historical December trends and a marketing blitz by ETF applicants. The firm expresses cautious optimism, expecting a price increase if the ETFs are approved.
December 21, 2023 | 3:52 pm
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Matrixport anticipates Bitcoin's price could exceed $50,000 by January 2024 with the potential approval of spot Bitcoin ETFs by the SEC. Historical trends and aggressive marketing by ETF applicants may contribute to a price surge.
The prediction of Bitcoin's price increase is based on the potential regulatory approval of spot Bitcoin ETFs, which is expected to attract significant investor interest. Historical precedents of price surges around major Bitcoin-related events and the current marketing efforts by ETF applicants support the bullish outlook. However, the SEC's decision remains uncertain, hence the cautious optimism.
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