Bitcoin, which had a good start to 2024 in anticipation of spot Bitcoin ETF approval, exceeded $ 45,000.
While this rise stimulates the market, the BTC price is expected to increase further. At this point, Matrixport announced in its report dated January 2 that it expects Bitcoin to rise to $ 50,000 in January.
Marixport analysts noted that BTC bullish catalysts include factors such as upcoming Bitcoin spot ETF approvals, institutional investor interest, the upcoming halving event, and historical trends.
“After a consolidation phase typically seen in mid-to-late December, Bitcoin is poised for a strong breakout at the beginning of the year.
We expect Bitcoin to rise to $50,000 in January, driven by factors such as ETF approval and historical trends.
Because we are expecting a sudden rise that will catch investors off guard once again.”
“Spot Bitcoin ETF Approval May Come Today or Tomorrow!”
Pointing out that Spot Bitcoin ETF approval could come today, analysts said, “A potential Bitcoin Spot ETF approval could be announced today or tomorrow, before most investors expect approval on January 8, 9, or 10. If this happens, we expect Bitcoin prices to increase significantly.” said.
Stating that BTC tends to recover strongly during halving cycles that coincide with the US election cycle, analysts said that Bitcoin's average return in 2020, 2016 and 2012 was +192%.
“Looking at historical halving cycles, a 192% increase could push Bitcoin towards our target of $125,000 in July 2023 based on our 'one-year high' indicator.”
“Altcoin Rally Is Very Close!”
Finally, commenting on the altcoin rally, analysts said, “surprisingly, the Bitcoin funding rate remained high during the holiday period, indicating that investors remain quite bullish and expect a Bitcoin ETF approval soon. As the Bitcoin dominance indicator fell to 50.3%, the altcoin “We're pretty close to the rally.” said.
*This is not investment advice.
