According to Matrixport principal investigator Markus Thielen, the price of Bitcoin (BTC) could reach around $45,000 by the end of 2023.
Bitcoin (BTC) May See These Levels in 2023, According to Matrixport's Principal Researcher
Thielen bases this forecast on the recent trend of US 10-year yields trading below 3.50%, which he believes indicates that inflation will provide a significant tailwind for risky assets like Bitcoin.
Thielen's prediction follows a period of volatility for the cryptocurrency, where Bitcoin has experienced significant price fluctuations over the past year.
Thielen's prediction is in line with other industry experts who are bullish on Bitcoin's long-term prospects. Some analysts believe that the limited supply of the coin and increased institutional adoption will push its price higher over time.
Others point to the growing interest in decentralized finance (DeFi) and immutable tokens (NFTs) as key drivers of industry growth.
Despite the positive outlook for Bitcoin, the cryptocurrency market remains volatile and is subject to significant price fluctuations.
In addition to inflation concerns, regulatory uncertainty, energy consumption issues and geopolitical tensions can affect the price of Bitcoin and other cryptocurrencies.
Investors are advised to be cautious when investing in the digital asset space and do research before making any investment decisions.
As for Matrixport, the crypto trading platform has been expanding its services in recent months, including the launch of derivatives trading platform MDEX.
The company is also exploring opportunities to expand its business into the US and other markets as it seeks to capitalize on the growing demand for cryptocurrency trading and investment services.
*Not investment advice.