The target of $63,000 for Bitcoin as early as March 2024 looks achievable. A similar forecast is contained in the Matrixport report.
Matrixport released a new report stating that BTC's goal of reaching $63,000 in March 2024 is achievable. Catalysts include: the approval of a Bitcoin spot ETF, the Bitcoin halving, expectations of an interest rate cut after the Fed's FOMC meeting, and the US presidential…
— Wu Blockchain (@WuBlockchain) February 23, 2024
According to analysts, the catalysts will be:
- approval of spot Bitcoin ETFs;
- halving;
- expectations of a key rate reduction Fed;
- US presidential elections.
Experts pointed to growing demand for exchange-traded products since January 10 after their approval SEC. According to Sosovalueduring this period the net inflow reached $5.39 billion. Positive dynamics were observed for 17 days in a row.
Experts recalled that historically, halving the reward to miners was a harbinger of a significant increase in prices due to a reduction in coins entering the market.
The report also mentions that expectations of a Fed rate cut could tip the scales in favor of riskier assets like Bitcoin.
Regarding the upcoming US presidential elections in November, experts pointed to the growing attractiveness of alternative assets as a tool for protection against potential changes in economic policy.
The impact of such events on the cryptocurrency markets is quite complex, which makes it difficult to make a clear forecast, analysts said.
CIO Bitwise Matt Hougan predicted Bitcoin will surpass the $80,000 level in the foreseeable future thanks to the success of the ETF.
The expert noted that the wave of interest from TradFi will lead to further institutional investment and higher prices.
Source: Cryptocurrency
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