Yesterday, the FED announced its November interest rate decision and left it unchanged in line with expectations.
Speaking after the interest rate decision, FED President Jerome Powell signaled that the FED may have completed the most aggressive interest rate increase process of the last forty years.
At this point, after Powell's “dovish” statements, the leading cryptocurrency Bitcoin rose to the peak of the last 17 months, reaching the level of $ 35,900.
While this rise in BTC made investors happy, another good news came from Matrixport.
Matrixport report stated that Bitcoin could continue the upward momentum that has continued in recent months, and said that this momentum could raise BTC to $ 56,000 by December 31.
According to Matrixport, Bitcoin has historically moved according to Sir Isaac Newton's third law of motion, a model in which “a bull market tends to stay in motion unless acted upon by an outside force.” At this point, BTC may repeat this model by rising to $ 56,000 by the end of 2023.
Markus Thielen, head of research at Matrixport, said:
“If Bitcoin increases by at least 100% by this time of the year, according to the model formed according to Sir Isaac Newton's third law of motion, there is a high probability that it will finish the relevant year at a higher level, with year-end increases of 60-65% on average. (This probability is %) It is 71.
In this context, since BTC tends to peak on December 18, Bitcoin may continue its rise for six to seven weeks from early November to mid-December. So, a Santa Claus Rally can be experienced in BTC until December 18th.
Based on historical statistics, Bitcoin continues to offer upside potential and a +60-65% year-end rally could push prices to $56,000.”
Thielen also added a chart to his report showing Bitcoin's historical performance in the first ten months between 2010-2022 and the last two months of the year. “According to the chart, BTC has gained at least 100% in the first 10 months in seven of the last 12 years. In these seven years, Bitcoin has increased by an average of 65% in the last two months, that is, in the last eight weeks,” Thielen said. said.
Bitcoin continues to trade at $35,370 at the time of writing.
*This is not investment advice.