Bitcoin, which rose to the $ 38,000 limit yesterday, dropped to $ 35,600 with a sudden decline.
While BTC recovered slightly afterwards and was at $36,460 at the time of writing, Matrixport, which attracted attention with its analysis, shared its predictions about what might happen in the cryptocurrency industry in 2024.
Accordingly, investors and some analysts expect the spot Bitcoin ETF to be approved by the end of 2023, while Matrixport analysts think the spot Bitcoin ETF will be approved in January.
The FED's interest rate cuts, which are seen as an upward catalyst for BTC and cryptocurrencies other than Bitcoin ETFs, will begin in June 2024.
In its report titled “2024 Revealed: Six Micro and Macro Events That Will Shape Bitcoin”, Matrixport stated that the following events will occur:
“In the first half of 2024, the crypto industry will experience five micro events and one macro event that could positively impact the industry and potentially increase the price of Bitcoin.
-Spot Bitcoin ETF will be approved in January, we expect trading to begin in February or March.
– Circle may be listed on the stock exchange in April.
-FTX2.0 will be relaunched in May. We anticipate FTX to be operational in May or June 2024. We expect FTX to regain its position among the top 3 exchanges within twelve months.
-Bitcoin halving will happen.
– Ethereum 4844 upgrade will be completed in Q1 2024.
– FED will cut interest rates in June 2024.”
Drawing attention to the inflation data to be announced next week, Matrixport analysts say that if the inflation data is low, there may be another rise in Bitcoin next week.
Stating that they expect BTC to try to break out of the $ 34,000 – $ 35,000 range, analysts said, “A break above $ 36,000 could push Bitcoin towards $ 40,000, our next technical resistance level, and BTC could potentially reach $ 45,000 by the end of 2023.” said.
*This is not investment advice.