Bitcoin Price Expected to Reach 63,000 Dollars by March End, Matrixport Analysis Reveals

Crypto News- In its latest update, financial services hub Matrixport shared its bullish projection, eyeing a Bitcoin surge to $63,000 by March 2024 – merely a month away. This optimistic outlook suggests a further 21% uptick in BTC value, adding to its already impressive 15.6% climb since the year’s onset. Matrixport outlines four compelling drivers poised to propel BTC’s ascent.

Bitcoin Price Expected to Reach 63,000 Dollars by March End, Matrixport Analysis Reveals

Bitcoin ETF Momentum: Notably, the recent emergence of spot Bitcoin ETFs has sparked substantial institutional interest, reflected in staggering inflows. Just this week, daily trading volumes for these ETFs soared to nearly $2 billion, a record high since their inception. Noteworthy movements include Grayscale ETF GBTC’s $55.67 million outflow, juxtaposed with Fidelity ETF FBTC’s $158 million inflow, contributing to a historic $4.05 billion net influx. BlackRock ETF IBIT also saw a $125 million daily inflow, totaling $5.74 billion historically.

Anticipated Bitcoin Halving: With Bitcoin ETFs gaining traction, attention shifts to the upcoming halving in April 2024. This event will halve block rewards, potentially amplifying BTC’s scarcity and driving prices higher. Current metrics, such as the daily $607 million investor demand versus $46 million new coin supply, underscore BTC’s bullish momentum pre-halving.

Interest Rate Dynamics: Matrixport underscores the Federal Reserve’s interest rate policies as pivotal. Potential rate cuts could bolster demand for high-risk assets, including cryptocurrencies. However, the likelihood of such cuts amid inflation concerns remains uncertain, amidst Wall Street’s soaring indices and looming recession risks.

US Presidential Elections 2024: As the US Presidential Elections approach, political uncertainties add complexity to Bitcoin’s trajectory. Matrixport acknowledges this intricate interplay between politics and crypto markets, complicating precise forecasts.

Matrixport’s insights suggest February historically bodes well for Bitcoin investments, with an average 8% profitability in seven out of ten instances. These factors collectively underpin Matrixport’s bullish stance on Bitcoin’s near-term prospects.