According to a new Matrixport Research report, Bitcoin will fall to the support level. However, if the overall liquidity and macro environment remains supportive, its price will recover. Meanwhile, Matrixport’s previous Bitcoin prediction hit the target.
Matrixport: Bitcoin will fall to these levels and rise again!
cryptokoin.comAs you follow from , the leading cryptocurrency Bitcoin has had a difficult week. BTC fell below $40,000 for the first time since December. Recently, things got worse as it dropped to around $38,680 on January 23, 2024. For this reason, many experts’ Bitcoin predictions point to lower levels.
However, Bitcoin has since recovered and climbed above the $40,000 level. At the time of writing, BTC was changing hands at $40,110. Bitcoin’s recent rally above $40,000 has revived investors’ confidence in the cryptocurrency. However, despite the recovery, Matrixport Research issued a bearish forecast for Bitcoin towards the $36,739 support level. As with BTC’s recent price action, Matrixport predicts that Bitcoin could rebound from this support level as long as the overall macro environment and liquidity remain supportive. Crypto reporter Colin Wu highlighted Matrixport’s latest Bitcoin forecast report.
The rationale behind BTC’s impending decline
Commenting on the logic behind the impending decline, the pro-crypto journalist said that TradFi’s interest in the recently approved spot Bitcoin ETFs was not as strong as expected. He also noted that the upcoming decline will likely be due to Grayscale Bitcoin Trust (GBTC) investors taking continuous profits.
Grayscale was among asset managers approved to launch spot-based Bitcoin ETFs in the US. Following approval, Grayscale moved large amounts of Bitcoin to crypto exchange Coinbase’s custody platform, Coinbase Prime. Meanwhile, Grayscale deposited another 9,434 BTC to its custody platform yesterday. This brings the total amount invested since the ETF approval to 103,134 BTC ($4.23 billion).
Grayscale’s BTC move to Coinbase has sparked mixed reactions in the crypto community. Some crypto enthusiasts see the exit as Grayscale offloading its BTC holding. Apparently, Grayscale sent BTC to protect its security.
Matrixport’s previous Bitcoin prediction
Meanwhile, Matrixport’s previous Bitcoin prediction was that BTC would rise to $50,000. The research company was largely successful in its prediction. His latest forecast with a downward trajectory came weeks after his prediction. Despite the SEC approving multiple Bitcoin ETFs on January 10, BTC is still changing hands at $40,000. Now Matrixport predicts BTC will drop to $36,739 before recovering.
However, it is impossible to say that Matrixport’s predictions are always accurate. For this reason, it is important for investors to do their own research rather than making predictions.
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