Matrixport Predicts Bitcoin to Surpass $50K with Potential Approval of Spot Bitcoin ETFs by SEC in January 2024
Crypto News – Matrixport, a prominent financial firm, has recently conducted a comprehensive research study, providing a bullish forecast for Bitcoin’s future. The firm projects that Bitcoin’s value could potentially exceed the $50,000 mark by January 2024. This optimism is contingent on the U.S. Securities and Exchange Commission (SEC) giving the green light to spot Bitcoin Exchange-Traded Funds (ETFs).
According to Matrixport, there is a high probability, estimated at 95%, of the SEC approving spot Bitcoin ETFs in January 2024. This expectation builds upon the increasing excitement around the SEC’s pending decision, suggesting a significant surge in Bitcoin’s value if approval is granted.
The analysis draws historical comparisons to notable events in the cryptocurrency market. For example, the 2017 launch of Bitcoin Futures by CME Group marked a period of considerable price growth. In the weeks leading up to the start of trading, Bitcoin’s price skyrocketed by nearly 200%.
Interestingly, Matrixport initially anticipated a consolidation phase for Bitcoin from December 8 until the year’s end. However, current trends and data indicate that Bitcoin might be gearing up for a substantial breakout instead. Historically, Bitcoin has seen moderate gains, around 3%, from Christmas through New Year. Yet, during exceptional years like 2011, 2013, and 2020, the price hikes were as steep as 22%.
Matrixport’s Positive Outlook and SEC’s Cautious Stance on Spot Bitcoin ETFs Amid Rising Marketing Efforts
As the SEC reviews applications for spot Bitcoin ETFs, Matrixport notes a significant marketing push from various ETF applicants. This includes the rollout of TV commercials, which is expected to further bolster Bitcoin’s market position. The intensity of these marketing campaigns is likely to increase during the Christmas season, as competitors vie to establish dominance in the ETF market.
Matrixport maintains a confident stance, believing that if spot Bitcoin ETFs are approved, there’s a high chance Bitcoin will see a significant rise during the Christmas period, potentially reaching or surpassing $50,000.
On a related note, Charles Gasparino, a senior correspondent at Fox Business Network, recently shed light on another aspect of spot Bitcoin ETFs. He revealed that firms are optimistic about the SEC’s approval of the first spot Bitcoin ETF after January 8, 2024. However, a unique caveat is that these shares can only be purchased with cash, diverging from traditional ETF practices. This measure is a response to the SEC’s concerns about possible money laundering activities through ETFs, highlighting the regulator’s cautious approach to this emerging financial sector.
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