Matrixport analysts suggested that Bitcoin could reach $63,000 by March 2024. Several factors will contribute to this.

The main factor that may affect the growth of the rate of the first cryptocurrency is the influx of funds after the approval of spot Bitcoin ETFs in the United States. The emergence of such funds in the United States has expanded access to BTC, which confirms the growing interest of large companies in it. An increase in demand for Bitcoin from institutions could lead to growth in the crypto market, Matrixport analysts noted.

Another important factor is the upcoming Bitcoin halving, which is scheduled to take place in April. Previously, halving the reward to miners has repeatedly led to an increase in the Bitcoin rate. However, it is unclear whether a similar trend will continue this time. Although the halving affects the balance of supply and demand, market dynamics and international events can also have an impact on Bitcoin.

Another catalyst for growth could be a potential interest rate cut by the US Federal Reserve (Fed). The Fed's policy may increase demand for riskier assets, which, in turn, will increase interest in Bitcoin, analysts believe. The upcoming presidential elections in the United States may also affect the dynamics of Bitcoin, even if the impact of such political events on the cryptocurrency market may be indirect.

Recently, another well-known cryptocurrency analyst, Michael van de Poppe, suggested that a Bitcoin correction would occur when it reaches $53,000. And the founder of Adamant Capital, Tuur Demeester, made a bold prediction: by 2026, the Bitcoin rate could reach colossal levels from $200,000 to $600,000.