Matrixport analysts have published a new report with an updated Bitcoin (BTC) price prediction for the near future.
According to a new Matrixport document, experts believe BTC’s goal of reaching $63,000 in March 2024 is achievable. In their opinion, the primary growth factors include several circumstances.
The report notes that inflows into Bitcoin continue even after a spot ETF is approved, highlighting growing interest from institutional investors.
Another critical factor is the upcoming Bitcoin halving. There have been halving events in the past that caused Bitcoin prices to rise. However, whether this effect will be observed this time remains unclear.
Finally, the upcoming US presidential election and political uncertainty could impact Bitcoin prices. However, the impact of such political events on cryptocurrency markets is quite complex, making accurate predictions difficult.
Previously, Matrixport called February a favorable month for investing in Bitcoin. Analysts cite a seasonal pattern over the past decade, suggesting February is favorable for investing in Bitcoin. In seven out of ten cases, the profitability of the first cryptocurrency in February averaged 8%.
“February tends to be a favorable month for Bitcoin, showing a notable seasonal pattern with positive returns in 7 of the last 10 years and an average of +8%.”
Matrix port
At the same time, the fair value of Bitcoin is still zero, say ECB specialists. The director of market infrastructure and payments, Ulrich Binzdeil, and the institution's advisor, Jürgen Schaff, said that even though the price of IES rose from $17,000 to $51,000 over the past period, the asset would still collapse.
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