Opinion: Bitcoin is expected to soar to $50,000 in January
Matrixport released a research report predicting that the SEC will approve a Bitcoin spot ETF in January, which could push Bitcoin's price to exceed $50,000 by the end of January 2024. Although it was previously expected that there might be a consolidation period from December 8th to the end of the year, Matrixport now anticipates that Bitcoin prices may surge. Historically, from Christmas to New Year (December 24th to December 31st), Bitcoin has gradually increased by +3%. Some significant special circumstances have led to increases in Bitcoin prices in three instances (2011, 2013 and 2020), sometimes even as high as +22%. As is typical with ETFs, multiple ETF applicants have begun launching TV ads which will continue supporting Bitcoin prices. These TV ads will intensify during Christmas because people are competing for dominance in the ETF market. This also means there is a great chance for Bitcoin to break out over Christmas; if at that time the bitcoin spot ETF gets approved, Matrixport firmly believes that bitcoin will reach $50,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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