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.