Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By March
February 23 2024 - 6:00PM
NEWSBTC
Prominent digital asset financial services platform Matrixport has
recently issued a bullish projection indicating a potential surge
in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may
surpass its previously established two-year peak and climb to
$63,000 by next month. This bold prediction stems from a confluence
of factors poised to exert significant influence on the trajectory
of Bitcoin’s price in the coming weeks and months. Related Reading:
How Spot Bitcoin ETFs Could Catapult BTC Price To $500,000,
According To This Crypto Trader Rationale Behind Matrixport’s
Optimistic Projection The primary driver behind Matrixport’s
optimistic outlook is the live trading of Bitcoin spot
Exchange-Traded Funds (ETFs). According to the report, these spot
ETFs have opened the doors for more investors to engage in crypto
trading through conventional financial channels. Additionally, with
the increasing demand for these spot ETFs and the daily trading
volumes reaching noteworthy levels, signaling growing investor
interest in Bitcoin as an asset class, this could help propel the
flagship crypto to trade above $60,000 by next month, according to
the report. [1/3] Bitcoin ETF Flow – Up to 22 Feb 2024 All data in.
+$251.4m net flow on 22nd Feb. A strong day.
pic.twitter.com/IdrCmgq5u8 — BitMEX Research (@BitMEXResearch)
February 23, 2024 Furthermore, the impending Bitcoin halving event,
scheduled for April 2024, is anticipated to catalyze further upward
momentum in BTC prices. Bitcoin halvings result in a reduction in
the rate of new BTC generation, and historically, this leads to a
decrease in supply, typically driving up Bitcoin’s value.
Matrixport’s report also mentions the influence of macroeconomic
factors on BTC’s price. The expectations of interest rate
adjustments following the Federal Reserve’s Federal Open Market
Committee (FOMC) gatherings are anticipated to have a significant
impact. Furthermore, the forthcoming uncertainty surrounding the US
presidential elections may instigate market fluctuations, leading
investors to turn to alternative assets such as Bitcoin to
safeguard against potential shifts in economic policies. Bitcoin
Price Action And Expert Sentiments Meanwhile, despite Bitcoin
experiencing a nearly 10% surge over the past 14 days, the asset
has witnessed quite a retracement in the previous week, declining
by 2.2%. It’s worth noting that despite this setback, the
cryptocurrency’s market capitalization remains above the $1
trillion mark. Related Reading: Is Bitcoin Price Facing A
Correction To $46,000? Here’s What This Analyst Thinks An analyst
known as Mags has expressed an overwhelmingly bullish sentiment
toward Bitcoin, noting that the asset has “never been this
bullish.” Mags city’s historical patterns and bullish technical
signals reveal that BTC has recently closed a weekly candle above
the 0.618 Fibonacci level, a rare occurrence in the
cryptocurrency’s four-year cycle. #Bitcoin has never been this
bullish For the first time ever, BTC is deviating from the 4 year
cycle by closing a weekly candle above the 0.618 level before the
halving event. The best part about this deviation is it’s a bullish
one, with the rise in demand among institutional…
pic.twitter.com/F9xpTbEZ1d — Mags (@thescalpingpro) February 22,
2024 However, Mike Novogratz, CEO of Galaxy Digital, has cautioned
against potential downside risks, speculating on the possibility of
a regulatory setback or market sentiment shift that could lower BTC
prices to the $45,000-$42,000 range. Featured image from Unsplash,
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