TL;DR
- Bitcoin is expected to reach $63,000 by March 2024, according to a report from Matrixport.
- The recent approval of BTC ETFs has generated significant interest in these financial products, with a daily trading volume reaching almost $2 billion last week.
- The upcoming BTC Halving is scheduled for this year, expected to continue the historical trend of significant price increases due to the reduction in its supply.
A recent report from Matrixport has generated bullish expectations for the price of Bitcoin, forecasting that the cryptocurrency could reach a target of $63,000 by March 2024. This forecast is based on several key factors that could drive BTC growth in the coming years.
Firstly, the report highlights the recent approval of Bitcoin ETFs as one of the main catalysts for increasing demand for the cryptocurrency. Since the SEC authorized BTC ETFs on January 10th, there has been significant growth in interest in these products. In fact, the daily trading volume of financial products reached almost $2 billion last week.
Another important factor expected to drive the price of BTC is the upcoming Halving, scheduled for 2024. This event will halve the reward for mining new blocks, effectively slowing down the rate of new cryptocurrency creation. Historically, Halving events have been followed by significant price increases, as the supply of new Bitcoins in the market is reduced, increasing their scarcity and, consequently, their value.
The US Elections Could Boost Bitcoin or Significantly Impact the Crypto Market
Furthermore, interest rate cuts, combined with expectations from the US Federal Reserve, are expected to favor riskier assets like Bitcoin. Interest rate cuts typically reduce the attractiveness of fixed-income investments, making growth-oriented assets like BTC more appealing to investors.
While these factors offer an optimistic outlook for the future of Bitcoin, there are also factors that raise doubts and could affect its price. For example, the results of the US presidential elections and the resulting economic policy could have a significant impact on the crypto market. However, despite these uncertainties, many industry experts, such as Matt Hougan from Bitwise and Anthony Scaramucci from SkyBridge, have positive expectations for the future of Bitcoin, forecasting prices exceeding $80,000 and up to $170,000, respectively.
