News

Matrixport Forecasts Potential Bitcoin Rebound on ETF Demand

Key Points:

  • Matrixport confirms Bitcoin has hit its year-end target, reaching over $70,000, indicating strong market momentum.
  • The upcoming election is expected to boost investor confidence, potentially driving further price increases for Bitcoin.
  • Anticipated 13F filings revealing increased Bitcoin ETF holdings among investors may inject more momentum into Bitcoin’s year-end rally.
According to the latest “Matrix on Target” report from Matrixport, Bitcoin rebound on ETF demand has finally crossed the $70,000 mark, and their year-end target was set at the beginning of this year.

Bitcoin Breaks Through the $70,000 Mark

It cited two main events that could drive Bitcoin rebound on ETF demand’s rally into the latter part of the year: the U.S. presidential election and ongoing demand for Bitcoin spot ETFs. According to Matrixport, the election could be what the market needs to help increase investor confidence and pump more capital into the cryptocurrency market.

Another reason for optimism in Bitcoin rebound on ETF demand is the continued interest by institutional investors in the asset. With the strengthening demand for Bitcoin spot ETFs, many believe that upcoming 13F documents, in which long investors disclose holdings in the US, will show increased Bitcoin ETF exposure among the most significant funds and asset managers. This would be more transparent and hopefully build further trust among more investors, adding steam to Bitcoin’s rally.

Read more: Bitcoin Spot ETF Inflows Reach $479M, Led by BlackRock’s $315M

Institutional Investors Drive Demand for Bitcoin Spot ETFs

Matrixport’s report highlights a pivotal moment in Bitcoin rebound on ETF demand, with significant catalysts set to hit the market at the tail-end of the year. The team continues to believe that if investor sentiment stays substantial and additional ETFs bring in long-term buyers, Bitcoin’s uptrend will extend way beyond comfortably into 2024. Preactivated U.S. election dynamics and strong interest in spot ETFs could be a further upside, entrenching Bitcoin as a favourite asset for traditional and crypto-focused investors.

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.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

5 Must-Know Cryptocurrencies for Investors: Qubetics, Stellar, Avalanche, NEAR, and Monero

Today, we spotlight five exciting tokens that are making waves for different reasons: Qubetics, Stellar,…

55 mins ago

Hong Kong Eyes RMB-Backed Stablecoins for Next Step in Digital Growth

Hong Kong shows growing interest in RMB-backed stablecoins as part of its digital asset push.…

1 hour ago

BlockDAG Secures $105.4M and Debuts New Site; RAY Bulls Ahead, SCR Shows Weakness

Discover BlockDAG's impressive website overhaul and over $105.4M raised! Meanwhile, Raydium trends upward as Scroll…

5 hours ago

Crypto Rush Alert: BlockDAG Launches a Limited-Time 100% Bonus Offer! Render Forecast Shows Rally & XRP Hits ATH

Explore BlockDAG's new 100% bonus on BDAG purchases that lets crypto enthusiasts double their holdings.…

6 hours ago

Fake a16z Crypto Scammers Target Users with Phony Podcast Links

a16z crypto has issued a public warning about a growing number of crypto scammers targeting…

6 hours ago

Plus Wallet & Ledger Live: A Side-by-Side Review of Cross-Chain Features, Privacy Measures, & NFT Support

Explore the differences between Plus Wallet & Ledger Live, focusing on features from cross-chain rewards…

6 hours ago

This website uses cookies.