In a comprehensive report published by Matrixport Research, analysts predict a series of important events that could shape the cryptocurrency world in the first half of 2024. The information provided by Matrixport sheds light on potential market carriers and key developments poised to impact Bitcoin’s trajectory. Here’s a closer look at the key projections outlined in the report…
Matrixport report publishes predictions for Bitcoin and altcoins
In its latest analysis, crypto financial services platform Matrixport predicted that Bitcoin’s growth in 2024 will be determined by a number of factors that could push its price to $45,000 by the end of 2023 and well beyond next year. The report noted five micro events and one macro event that could positively increase the price of the largest cryptocurrency. These are as follows:
- SEC Approval of Bitcoin ETF: Matrixport predicts a breakthrough moment in January 2024, when a Bitcoin Exchange Traded Fund (ETF) is expected to be approved by the US Securities and Exchange Commission (SEC). Trading is likely to begin in February or March, marking a turning point for institutional adoption of Bitcoin.
- Circle’s Listing on the Stock Exchange: Matrixport anticipates that by April 2024, Circle, a leading stablecoin issuer, will make its debut on the exchange. This move is expected to bridge the gap between traditional finance and the crypto space and provide new investment avenues for interested parties.
- FTX’s Offer and Improvement of Stock Market Position: FTX’s potential offering and subsequent launch in May or June 2024 could reshape the competitive landscape, with Matrixport predicting FTX to return to the top three crypto exchanges within a year.
- Bitcoin Halving Cycle and Momentum: The Bitcoin halving cycle and the convergence of the above-mentioned events are expected to give momentum to the crypto market throughout 2024. This combination could act as a catalyst for renewed interest and investment in Bitcoin, potentially shaping an uptrend for the year.
- IEP-4844 Upgrade for Ethereum: Matrixport highlights Ethereum’s IEP-4844 upgrade, planned for Q1 2024, as a positive development that is likely to improve the overall functionality and efficiency of the Ethereum network and potentially impact the broader cryptocurrency market.
- Potential US Federal Reserve Rate Cut: The report speculates on a potential US Federal Reserve interest rate cut by mid-2024, with potential implications for broader financial markets, including cryptocurrencies.
What does Matrixport’s report mean?
As we approach the end of 2023, Matrixport’s analysis suggests an optimistic outlook, with the possibility of Bitcoin breaking out of its recent trading range and rising towards $45,000 by the end of the year. Investors are advised to keep a close eye on upcoming US Consumer Price Index (CPI) data as positive inflation figures could trigger a Bitcoin rally and potentially end the year on a strong note, resulting in the much-anticipated “Santa Claus” rally.
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