Matrixport Anticipates Bitcoin’s Price to Skyrocket to $50k in January
Matrixport analysts are anticipating a powerful surge in Bitcoin, with the cryptocurrency potentially reaching $50,000 in January. This optimistic forecast was shared in a blog post on January 2nd, where experts expressed their belief that Bitcoin is on the verge of a breakout after a period of consolidation in December.
The analysts noted that the current market situation is vastly different from a year ago when the sentiment was bearish. They highlighted the potential approval of spot Bitcoin ETFs in early January as a key factor that could drive significant price growth for BTC. However, they cautioned that this approval is unlikely to trigger a sell-off, as it would instead legitimize Bitcoin as an asset class for institutional portfolios and allow it to be used as collateral for purchasing other assets.
Another reason cited for the expected growth of BTC is the upcoming halving event. The experts pointed out that in 2020, 2016, and 2012, Bitcoin experienced an average profitability of +192% following each halving. Based on this historical data, Matrixport set a target of $125,000 for Bitcoin by July 2023, using the “new yearly high” indicator.
On January 2nd, Bitcoin surpassed the $45,000 mark for the first time since April 2022. In the past 24 hours, the cryptocurrency has seen a price increase of nearly 7%, currently trading at $45,250.
For more Bitcoin predictions, Bitwise forecasts the cryptocurrency to reach $80,000 by 2024. Stay updated by following us on Google News.
