Matrixport predicts Bitcoin may surge to $63k by March 2024
Matrixport analysts have recently released a new report presenting an updated Bitcoin (BTC) price forecast for the near future. The report suggests that BTC’s goal of reaching $63,000 by March 2024 is attainable, with several key growth factors contributing to this projection.
One of the main factors driving BTC’s growth is the continued inflow of funds into Bitcoin, particularly following the approval of a spot ETF. The report emphasizes the increasing interest from institutional investors, which further strengthens the bullish sentiment surrounding Bitcoin.
Additionally, the upcoming Bitcoin halving event is identified as another critical factor. Previous halving events have historically led to price increases for Bitcoin. However, it remains uncertain whether this effect will be observed again this time around.
The upcoming U.S. presidential election and the resulting political uncertainty could also have an impact on Bitcoin prices. Nevertheless, predicting the exact consequences of such political events on cryptocurrency markets is a complex task, making accurate forecasts challenging.
Previously, Matrixport identified February as a favorable month for investing in Bitcoin. Analysts have observed a seasonal pattern over the past decade, indicating that February tends to be a profitable period for Bitcoin investments. In seven out of ten cases, the average profitability of the leading cryptocurrency in February reached 8%.
However, specialists from the European Central Bank (ECB) have a different perspective on Bitcoin’s value. According to Ulrich Binzdeil, the Director of Market Infrastructure and Payments, and Jurgen Schaff, an advisor at the institution, the fair value of Bitcoin is still zero. Despite its recent price surge from $17,000 to $51,000, they believe that the asset will eventually collapse.
In conclusion, Matrixport’s latest report presents an optimistic outlook for Bitcoin’s future price, highlighting factors such as institutional interest, the upcoming halving event, and potential political impacts. However, it is worth noting that the ECB specialists hold a contrasting view, expressing skepticism about Bitcoin’s value.
