Cryptocurrency journalist and blogger Colin Wu shared the executive summary of Matrixport, the cryptocurrency company founded by former Bitmain CEO Jihan Wu. in the document Bitcoin An important price estimate was also included.
The document includes details on why the company’s analysts expect Bitcoin to rise above $50,000 by the end of January. This company was founded by Jihan Wu in 2019 after he left the famous crypto miners manufacturer Bitmain.
Matrixport expects the SEC to approve Bitcoin spot ETF applications in January 2024. The document expects this to be the main driver that will push the BTC price to levels above $50,000 by the end of January.
The document includes the view that a large price increase is expected due to a large number of investors purchasing proxy shares in Bitcoin mining or related stocks. matrixport The team likens BTC spot ETF launches to the launch of BTC futures by CME Group and then CBOE in December 2017. As Koinfinans.com reported, at that time, the BTC price also increased significantly, reaching $20,000 for the first time.
In the seven weeks from the time CME confirmed the launch of BTC futures to the time institutional investors were able to trade, the price had increased by nearly 196%.
The executive summary explains that the company’s team anticipates a period of consolidation for Bitcoin from approximately December 8th, potentially through the end of the month and year. Now he predicts that BTC may debut closer to February.