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You are here: Home / News / Bitcoin To Soar Beyond $50K By January 2024: Matrixport’s Bullish Bet
December 22, 2023 by Ammar Raza
In a recent report, Matrixport, a leading cryptocurrency financial services platform, expressed optimism about the Securities and Exchange Commission (SEC) approving Bitcoin Spot ETFs in January. The anticipated approval is expected to catalyze a surge in Bitcoin prices, potentially pushing them above $50,000 by the end of January 2024.
ETF Ad Blitz: Bitcoin Competitors Ramp Up Marketing
Investors are already positioning themselves for potential gains, with many acquiring shares in BTC mining and other crypto-related stocks as a strategic proxy for exposure to the cryptocurrency market. Matrixport draws parallels to historical events, particularly the launch of Bitcoin Futures by the CME Group in 2017.
Notably, the period leading up to the official launch witnessed a substantial increase in BTC prices, experiencing a notable surge of +196% within six to seven weeks from the confirmation of the futures launch. While a consolidation period was initially anticipated from December 8 to the end of the year, Matrixport now suggests a potential breakout for BTC.
Historical trends reveal that Bitcoin tends to see a gradual increase of approximately +3% from Christmas to New Year (December 24 to December 31). However, notable outliers in 2011, 2013, and 2020 indicate instances where BTC prices rose significantly, sometimes reaching up to +22%.
The impending approval of Bitcoin Spot ETFs has triggered a proactive marketing strategy by multiple ETF applicants, manifesting in the rollout of television commercials. This advertising push is expected to continue intensifying, particularly over the Christmas season, as contenders vie for dominance in the ETF market.
The competitive landscape suggests that BTC has a high probability of breaking higher during the holiday period. Matrixport firmly believes that if Bitcoin Spot ETFs receive approval by the anticipated timeframe, Bitcoin is well-positioned to reach the $50,000 milestone.
The confluence of historical precedent, investor anticipation, and the marketing blitz surrounding ETFs sets the stage for a potentially momentous start to 2024 in the world of cryptocurrency. Investors and enthusiasts alike are keeping a keen eye on regulatory developments and market dynamics as the new year approaches.
Related Reading | Global Push For Crypto Regulations Gains Momentum: PwC Report
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