<![CDATA[<figure class="image"><img src="https://cimg.co/news/126785/334765/bitcoin-price.jpg" srcset="https://cimg.co/news/126785/334765/responsive-images/bitcoin-price___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/126785/334765/responsive-images/bitcoin-price___media_library_original_900_600.jpg 900w, https://cimg.co/news/126785/334765/responsive-images/bitcoin-price___media_library_original_720_480.jpg 720w, https://cimg.co/news/126785/334765/responsive-images/bitcoin-price___media_library_original_600_400.jpg 600w, https://cimg.co/news/126785/334765/responsive-images/bitcoin-price___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Pixabay</figcaption></figure>Crypto financial services company Matrixport has doubled down on its earlier prediction that <a href="https://twitter.com/realMatrixport/status/1716672362979135802">Bitcoin's price could reach $45,000</a> by the end of the year as the FOMO sentiment grips Bitcoin market.&nbsp;This forecast comes as Bitcoin's market share has surged to 52.1%, and its trading volume has seen a significant uptick, reaching $29 billion in the past 24 hours.<h2 id="abnormally-high-bitcoin-futures-funding-rates">&ldquo;Abnormally High Bitcoin Futures Funding Rates&rdquo;</h2>Matrixport attributes the renewed FOMO sentiment to the abnormally high Bitcoin futures funding rates, which suggest that many traders are engaging in panic buying.Earlier this year, Matrixport set a year-end target of $45,000 for Bitcoin. With the resurgence in Bitcoin price on the heels of <a href="https://cryptonews.com/news/us-federal-court-forces-sec-reconsider-grayscale-bitcoin-etf-conversion-after-rejecting-sec-argument.htm">growing expectation of spot Bitcoin ETF approval</a>, the analyst firm has doubled down on its earlier prediction.&nbsp;The company suggests that Bitcoin's price could experience a further boost if the U.S. Securities and Exchange Commission (SEC) approves a BlackRock spot Bitcoin exchange-traded fund (ETF).Matrixport's report indicates that if 10%-20% of gold ETF investors decide to diversify their investments into Bitcoin, it could result in potential inflows of $12-24 billion into the Bitcoin ETF. Notably, this estimate is considered relatively conservative, given that the market cap of the Grayscale Bitcoin Trust (GBTC) has previously reached a peak of $44 billion.<h2 id="spot-bitcoin-etf-approval-could-send-btc-price-to-56-000">Spot Bitcoin ETF Approval Could Send BTC Price to $56,000</h2>The anticipation of a spot Bitcoin ETF approval has already made waves in the market.&nbsp;BlackRock filed its application for a spot Bitcoin ETF, which subsequently led to a significant price increase for Bitcoin. Should the approval materialize, Matrixport estimates that <a href="https://cryptonews.com/news/bitcoin-could-hit-42k-if-blackrock-bitcoin-etf-approved-matrixport.htm">Bitcoin's price could potentially rally to $56,000</a>.Despite the SEC's recent delay in reviewing ETF applications, there remains a growing belief that the cryptocurrency market could experience a significant influx of institutional funds.&nbsp;Matrixport points out the potential impact of the 15,000-strong U.S. registered investor advisor (RIA) community, which manages around $5 trillion. Even a modest 1% allocation recommendation for Bitcoin from this group could bring about around $50 billion in inflows.
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Matrixport Doubles Down on $45,000 Bitcoin Prediction as FOMO Grips Crypto Market

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