Matrixport Analysts Announce Bitcoin January Target: “When Will the Altcoin Rally Start?” Answered the Question!

to 2024 spot Bitcoin ETF making a good start in anticipation of approval Bitcoin It exceeded $45,000.

While this rise mobilizes the market BTC The price is expected to increase further. at this point In its report dated January 2, Matrixport announced that it expects Bitcoin to rise to $50,000 in January.

Marixport analysts noted that BTC bullish catalysts include factors such as upcoming Bitcoin spot ETF approvals, institutional investor interest, the upcoming halving event, and historical trends.

“After a consolidation phase typically seen in mid-to-late December, Bitcoin is poised for a strong breakout at the beginning of the year.

We expect Bitcoin to rise to $50,000 in January, driven by factors such as ETF approval and historical trends.

Because we expect a sudden rise that will catch investors off guard once again.”

“Spot Bitcoin ETF Approval May Come Today or Tomorrow!”

Analysts point out that Spot Bitcoin ETF approval may come today.Approval of a potential Bitcoin Spot ETF could be announced today or tomorrow, before most investors expect approval on January 8, 9, or 10. If this happens, we expect Bitcoin prices to increase significantly.” said.

Stating that BTC tends to recover strongly during halving cycles that coincide with the US election cycle, analysts said that Bitcoin’s average return in 2020, 2016 and 2012 was +192%.

“Looking at historical halving cycles, a 192% increase could push Bitcoin towards our $125,000 target in July 2023 based on our ‘one-year high’ indicator.”

“Altcoin Rally Is Very Close!”

Finally, analysts who made an evaluation about the altcoin rally “surprisingly, the Bitcoin funding rate remained high during the holiday period, indicating that investors remain quite bullish and are anticipating a Bitcoin ETF approval soon. “We are very close to an altcoin rally as the Bitcoin dominance indicator has fallen to 50.3%.” said.

*This is not investment advice.