Crypto financial services platform Matrixport has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to $63,000, including when the flagship crypto token hits this target. Matrixport had previously predicted that BTC would rise to $50,000 by the end of January, although that didn’t happen.
Bitcoin Will Rise to $63,000 By March!
Matrixport mentioned in their latest report that BTC will rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the Spot Bitcoin ETFs, which were approved over a month ago.
These Bitcoin ETFs have so far contributed largely to BTC’s resurgence (even before they were approved). They have continued to record an impressive demand, which has led to a significant accumulation of BTC by the fund issuers. Interestingly, Bitcoin maximalist Samson Mow recently argued that BTC would have been down as much as 20% if not for these ETFs.
Meanwhile, Trading firm QCP Capital shares similar sentiments with Matrixport as they noted in a previous report how Bitcoin could rise to as high as $69,000 thanks to these Spot Bitcoin ETFs. Then, they stated that BTC revisiting its all-time high (ATH) will depend on the “genuine flow the actual ETF will bring in the first few weeks of trading.”
The Spot Bitcoin ETFs have not disappointed, recording $2.8 billion in net inflows during the first 21 trading days. Bitcoinist also reported how these funds saw $2.2 billion in inflows last week.
Other Catalysts That Will Contribute To Bitcoin’s Rise To $63,000
Matrixport also mentioned the Bitcoin Halving, interest rate decisions, and the US presidential election as factors that could make BTC rise to $63,000. The Bitcoin Halving, expected to take place in April, continues to be projected as an event that could cause Bitcoin’s price to increase exponentially.
In Matrixport’s case, they expect that the hopium around the event will cause BTC to rise to $63,000 even before it occurs. It is not uncommon for the flagship crypto token to get priced in ahead of a much-anticipated event like the Bitcoin Halving. Moreover, Bitcoin historically makes significant gains pre-halving.
Furthermore, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much this could impact Bitcoin’s rise to $63,000, considering that the Fed’s minutes showed they are still cautious about cutting rates too quickly (at least not as soon as March).
Matrixport also stated that the US presidential election could influence Bitcoin’s price. Just like the interest rate decision, it is unlikely that the election, slated for November 2024, will impact Bitcoin’s trajectory in the short term.
BTC bears fail to drag price down | Source: BTCUSD On Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
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