Matrixport expects BTC to surge to $50k in January

2024-01-01 23:11:40

Matrixport analysts expect an “explosive Bitcoin surge to $50,000” in January.

Experts shared this forecast in a Jan. 2 blog post stating that they believe that Bitcoin (BTC) is poised for a breakout early in the year after consolidation in mid-to-late December.

Analysts recalled that a year ago the market was bearish, but the situation now looks markedly different:

“We expect an immediate rally that once again catches investors off-guard.”

Matrixport analysts

Source: MatrixportWith the possibility of spot Bitcoin ETFs being approved in early January, the likelihood that the price of BTC will rise significantly is expected by the authors of the report.

However, it is unlikely that this will be a news sell event, as an approval will legitimize Bitcoin as an asset class for institutional portfolios that can be used as collateral to purchase other assets, Matrixport said.

Another reason for the growth of BTC is the approaching halving. Experts recalled that the average profitability of Bitcoin in 2020, 2016, and 2012 was +192%. This could take Bitcoin to the $125,000 level, a number Matrixport set in July 2023 based on the “new yearly high” indicator.

On Jan. 2, the price of BTC crossed the $45,000 level for the first time since April 2022. Over the past 24 hours, BTC has risen in price by almost 7%, trading at $45,250.

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