Will Bitcoin Price Breach $50,000? Matrixport Report Highlights Bitcoin Funding Rate Surging To 66%
Portfolio Pulse from Khyathi Dalal
Matrixport's report suggests Bitcoin could reach $50,000 by January 2024, driven by a high funding rate of 66.1% and a potential spot Bitcoin ETF approval. Bitcoin's price has surged, hitting $45,000 for the first time in 20 months. The report also notes that Bitcoin's halving event in April 2024 and the U.S. presidential election year could further boost its price, with a potential to hit $125,000 by July 2023.
January 02, 2024 | 6:52 pm
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Bitcoin's price is expected to potentially reach $50,000 by January 2024 according to Matrixport, with current trends and a high funding rate indicating strong bullish sentiment. The anticipation of a spot Bitcoin ETF and the upcoming halving event could further drive prices up.
The report's prediction of Bitcoin reaching $50,000 is based on the current high funding rate and the potential early approval of a spot Bitcoin ETF. The historical performance during U.S. presidential election years and the upcoming halving event are additional factors that could positively impact Bitcoin's price in the short term. However, the market is volatile, and the high funding rate also poses a risk for long positions, which tempers the confidence score slightly.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100