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Home » Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

Hania by Hania
December 1, 2023
in Bitcoin News, Crypto Price Predictions
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Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving
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Bitcoin is poised for a bullish surge, expected to catapult its price to $60,000 before the impending Bitcoin halving, predicts Matrixport. The market outlook remains optimistic, underpinned by several factors, including the possibility of a spot Bitcoin ETF, dovish cues from the US Federal Reserve, and the impending Bitcoin halving, offering considerable advantage to bullish sentiments.

Matrixport’s Forecast: Bitcoin’s Rise and Future Projections

Matrixport’s report, released on December 1, forecasts a robust climb for Bitcoin, projecting a price of $63,140 by April 2024. The company’s analysis attributes this sustained bullish trend to historical patterns, the halving of mining rewards, and a favorable confluence of geopolitical and macroeconomic factors.

Moreover, Matrixport expresses confidence in Bitcoin’s trajectory, foreseeing a surge to $125,000 by December 2024, notably driven by heightened institutional adoption.

Market Dynamics and Factors Influencing Bitcoin’s Price

The “Matrix on Target” report, dated November 22, stated Bitcoin’s likelihood of surpassing $38,000 by November’s end with an 80% probability, followed by a surge to $40,000 in December with a 90% probability. The anticipation surrounding the approval of a spot Bitcoin ETF has intensified trading volumes in the broader crypto market, with both investors and whales actively engaging.

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Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

Also Read: Bitcoin’s Strong Performance In December: Surpasses $38,000 Mark

Additionally, the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures (PCE) Index, reported a cooling trend, registering a 3% figure, while the core PCE stood at 3.5%. These indicators suggest a dovish stance from the Fed, potentially hinting at rate cuts in the near future.

Bitcoin’s Current Position and Market Analysis

Presently, Bitcoin is trading at $38,238, showcasing a 2% surge over the last 24 hours amidst an impressive rally. The daily trading range fluctuated between $37,531 and $38,346, accompanied by a 10% reduction in trading volume within the same period.

Noteworthy in the market’s activities is MicroStrategy’s recent acquisition of an additional 16,130 BTC, amounting to approximately $593.3 million, reaffirming the company’s steadfast commitment to its Bitcoin-centric strategy led by Chairman Michael Saylor.

Analysts’ Predictions and Potential Market Movements

Despite the current surge, crypto analysts anticipate an impending pullback before Bitcoin’s ascent to $40,000. Traders are closely monitoring the market dynamics, envisioning a potential rally post-Christmas, mirroring patterns observed in previous years.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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