Matrixport Predicts Bitcoin Could Reach $63,000 by March

The target of $63,000 for Bitcoin by March 2024 appears attainable, according to a report by Matrixport.

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 U.S. presidential…

— Wu Blockchain (@WuBlockchain) February 23, 2024

Analysts believe the catalysts will be:

• approval of spot Bitcoin ETFs;
• the halving;
• expectations of a key rate cut by the Fed;
• the U.S. presidential elections.

Experts pointed to the growing demand for exchange-traded products since January 10 following their approval by the SEC. According to Sosovalue, net inflows reached $5.39 billion during this period, with positive momentum observed for 17 consecutive days.

Experts noted that historically, the halving of miners’ rewards has been a precursor to significant price increases due to the reduced supply of new coins entering the market.

The report also mentions that expectations of a Fed rate cut could tilt the balance in favor of riskier assets like Bitcoin.

Regarding the upcoming U.S. presidential elections in November, specialists highlighted the growing appeal of alternative assets as a hedge against potential shifts in economic policy.

The impact of such events on cryptocurrency markets is quite complex, making it difficult to form a clear forecast, analysts clarified.

CIO of Bitwise, Matt Hougan, predicted that Bitcoin could exceed $80,000 in the near future due to the success of ETFs.

The expert noted that a wave of interest from TradFi will lead to further institutional investments and price growth.

Earlier, Pantera Capital predicted Bitcoin could rise to $147,000 by 2025.