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The post <a href="https://coinpedia.org/news/bitcoin-btc-price-to-take-deep-plunge-matrixport-makes-bold-predictions-at-36k/">Bitcoin (BTC) Price To Take Deep Plunge? Matrixport Makes Bold Predictions at $36K</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The entire crypto market is in a split right now and King Crypto is dealing with ETF crash anticipations. Bitcoin faced a challenging week, dropping below $40,000 for the first time since December and reaching around $38,680 on January 23, 2024. However, the cryptocurrency has since bounced back, surpassing the $40,000 mark and currently trading at $40,070, marking a 0.3% increase over the past 24 hours. This rally has pumped investor confidence in <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a>. But Matrixport has some interesting things to reveal. 
Matrixport’s Bold Claims: Are $50,000 Predictions Unrealistic Given Market Conditions? 
According to Matrixport’s latest research report, released on January 26, Bitcoin will experience a dip to the support level of $36,739. The report suggests that despite TradeFi’s lukewarm interest in a Bitcoin spot ETF and GBTC investors taking profits, the overall liquidity crunch and macro factors remain bullish, allowing for a rebound from this support level. 
Interestingly, Matrixport Research, as reported by crypto journalist Colin Wu, <a href="https://x.com/WuBlockchain/status/1750730135865872562?s=20">challenges </a>that despite the recent recovery, Bitcoin is bound to go down $36,739. The report attributes this potential dip to TradeFi’s tepid interest in Bitcoin spot ETFs and ongoing profit-taking by GBTC investors. Grayscale, having been approved to launch spot-based Bitcoin ETFs, has been transferring substantial amounts of Bitcoin to Coinbase Prime, drawing mixed reactions within the crypto community. As per lookonchain <a href="https://x.com/lookonchain/status/1750530706701435282?s=20">data</a>, since the ETF approval, Grayscale has deposited 103,134 BTC ($4.23 billion) to the custodian platform, including 9,434 BTC making it the biggest move this week. 
Matrixport made a prediction a few weeks ago that Bitcoin would take off and reach $50,000 after the SEC approved Bitcoin spot ETFs on January 10. This prediction follows closely from the previous prediction. Bitcoin is still worth $40,000, even though it was approved. Matrixport predicts that it could fall to $36,739 before rising again.

Bitcoin (BTC) Price To Take Deep Plunge? Matrixport Makes Bold Predictions at $36K

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