Matrixport predicts Bitcoin ETF Approvals Could Push Bitcoin to $50k by January

Key Points:

• A potential surprise approval before January 8th-10th could trigger significant institutional buying, legitimizing Bitcoin as a collateral asset and pushing prices past $50,000.
• 2024 coincides with both a Bitcoin halving cycle and a US election year, historically bullish periods for Bitcoin with an average return of 192% (2012, 2016, 2020).

Crypto analyst at Matrixport predicts Bitcoin will witness a bullish January , predicting a dramatic surge to $50,000 fueled by multiple factors, including a potential imminent approval of a Bitcoin Spot ETF.

Matrixport Predicts Bitcoin Surge to $50,000 Fueled by ETF and FOMO

After a period of consolidation, Bitcoin is preparing for a potential breakout in January, fueled by a confluence of bullish factors. Matrixport predicts Bitcoin will be an “immediate rally” fueled by institutional FOMO and early Bitcoin Spot ETF approval, potentially happening even before the expected date of January 8th-10th.

Legitimization through ETF approval could trigger significant buying, as Bitcoin gains acceptance as a collateral asset within institutional portfolios. This, coupled with limited supply due to the upcoming halving and decreased exchange holdings, could create a scenario where demand outstrips supply, pushing prices above the $50,000 mark.

Matrixport Predicts Bitcoin Boom: $50,000 by Week’s End, $125,000 by Year-End

Historically, Bitcoin tends to thrive during both halving cycles and US election years, with an average return of 192% in 2020, 2016, and 2012. This year could follow suit, potentially propelling Bitcoin towards Matrix on Target’s $125,000 target set in July 2023.

Further evidence of bullish sentiment comes from the elevated Bitcoin funding rate throughout the holidays, indicating traders’ optimism about an imminent ETF approval. Even without Tether-driven fiat inflows, the lack of sellers and rising prices suggest a potential price squeeze pushing Bitcoin past $50,000 by the end of the week.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.