Matrixport, a leading cryptocurrency trading firm, has made a bold prediction that Bitcoin (BTC) will rise to $50,000 in January. This comes after the firm accurately predicted Bitcoin’s end-of-year price of $45,000. Matrixport’s Head of Research, Markus Thielen, has been instrumental in making these predictions.
He believes that Bitcoin prices will likely increase, even without a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). Thielen’s analysis is based on a mixture of crowd psychology and macro factors, with liquidity and market structure considerations helping to understand shorter-term moves.
Initial predictions had suggested a period of stability for Bitcoin starting from December 8 and possibly lasting until the end of the year. However, current indicators hint at a potential upward trend for Bitcoin. Historically, there has been a modest average increase of +3% in Bitcoin’s value from Christmas to New Year (December 24 to December 31).
In line with the usual practices of ETFs, television advertisements from various ETF applicants have already begun airing, a move that is expected to bolster Bitcoin prices. The frequency of these commercials is predicted to escalate over the Christmas period due to the competition to emerge as the leading ETF entity.
Matrixport’s Track Record: Accurate Bitcoin Price Predictions
Consequently, this implies a substantial probability of Bitcoin experiencing a surge during the festive season. There is a strong anticipation for Bitcoin to attain a value of $50,000, contingent on the approval of Bitcoin Spot ETFs by that time.
Matrixport’s prediction for January is based on the current market trends and the historical performance of Bitcoin. The firm set its 2023 year-end BTC price target at $45,000 in early 2023. The prediction came true, reinforcing the firm’s credibility in forecasting Bitcoin prices.
The firm’s accurate prediction has sparked interest among investors and traders alike. If the prediction holds, it could mean significant returns for those invested in Bitcoin. However, as with all investments, potential investors should know the risks involved and make informed decisions.
As we step into 2024, the crypto world waits with bated breath to see if Matrixport’s prediction will come true. Will Bitcoin indeed hit the $50,000 mark in January? Only time will tell.
