Matrixport Predicts Bitcoin Will Rise in 2024, Even If ETFs Are Not Approved

matrixport bitcoin etf
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Analyst Markus Thielen from Matrixport recently shared his optimistic outlook on the cryptocurrency market for the year 2024. Regardless of whether a Bitcoin ETF is approved or not in the spot market by the Securities and Exchange Commission (SEC). Markus highlights several factors that could contribute to the price increase during that period.

Firstly, Thielen points out the significant increase in money market funds in the United States, which has surged from $3 trillion to $6.1 trillion since the beginning of the Covid-19 pandemic. This additional liquidity, according to the analyst, translates to around $370 billion in annual interest or approximately $1 billion daily, which could easily flow into riskier investments such as stocks and cryptocurrencies, thus influencing their prices.

Furthermore, he emphasizes the upcoming Bitcoin halving scheduled for April 2024. The halving, where the reward for mined blocks is halved, historically leads to an average price increase of 192% according to past statistics.

matrixport trump bitcoin

For the Matrixport Analyst, Trump Will Win the Elections, and This Will Be Beneficial For Bitcoin

Looking ahead to the U.S. presidential elections in 2024, Thielen expresses a “high probability” that Donald Trump will be re-elected. He suggests that a potential return of Trump to the presidency could result in policies that boost the U.S. economy, positively impacting stock and cryptocurrency prices. However, he acknowledges that the current SEC Chairman, Democrat Gary Gensler, could continue in office until June 2026, even if Trump returns to the White House. Nevertheless, he believes that by that date, a Bitcoin ETF in the spot market is likely to have been approved.

In the short term, for the remaining weeks of 2023, Thielen expects Bitcoin prices to fluctuate between $40,000 and $45,000. He anticipates a new rally attempt in January 2024, especially as traders closely monitor possible approval dates for the Bitcoin ETF in the spot market. So far, BTC is trading at $42,652, marking a significant increase of over 150% year-to-date.


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