2024

Bitcoin ETF

Bitcoin

In the rapidly surging and adopting cryptocurrency landscape, investors, institutions, and even retailers are continuously attracted to Bitcoin. This significant interest is caused by the potential approval of a spot Bitcoin ETF (Exchange Traded Fund).&nbsp; Matrixport’s Bitcoin price prediction 
Amid this, Matrixport, a financial services platform,predicts that Bitcoin (BTC) may hit $50,000 in January 2024 if the spot Bitcoin ETF gets approval. This prediction is based on the recent anticipation of the spot Bitcoin ETF and BTC price consolidation. However, Matrixport highlights that BTC in January may give a breakout of this BTC price consolidation. Shift in sentiment and institutional interest 
Last year at this time, overall, the cryptocurrency landscape and crypto-related stocks were experiencing bearish sentiment. However, after the filing of the <a href="https://news.todayq.com/asset-manager-franklin-templeton-files-the-latest-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">spot Bitcoin ETF application</a> by major asset management firms, both stocks and cryptocurrencies witnessed significant upticks in 2023. With institutional investors eager to avoid missing out on potential rallies, the expectation is for a surge right at the opening bell of 2024, catching investors off-guard once again.
However, Bitcoin is currently trading near the $45,600 level, and in the last 24 hours, it has experienced a significant 7% price surge. This surge in BTC price has also led to increases in major digital assets, such as Ethereum (ETH), which surged by over 4.5% in the last 24 hours, and Solana (SOL), which experienced a surge of over 11% during the same period.
A major motivation could be the upcoming approval of a Bitcoin Spot ETF, anticipated either today or tomorrow, ahead of the expected January 8-10 timeline. Unlike previous ‘sell-the-news’ events, approval is seen as a legitimizing factor for Bitcoin as an asset class, attracting institutional portfolios to use it as collateral for other assets. Matrixport’s estimates and Bitcoin halving cycle 
Matrix on Target’s October 2023 estimates suggested a US-listed Bitcoin Spot ETF could attract $24-50 billion in inflows, potentially driving significant price increases. The approaching Bitcoin halving cycle in April 2024, which historically results in supply shortages and price spikes, adds another layer to the anticipated rally.
Interestingly, Bitcoin tends to shine during halving cycles, aligning with the US election cycle. Historical data indicates average returns of over 192% during the election years of 2020, 2016, and 2012, possibly pushing Bitcoin towards the previously set $125,000 target.
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Bitcoin to hit $50,000 in January 2024 with ETF excitement: Matrixport

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