The expected approval of spot bitcoin exchange-traded funds (ETFs) applications by the U.S. Securities and Exchange Commission will see the top crypto asset’s price jumping to $50,000 in January, the latest market preview by Matrixport has predicted. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000.
BTC Poised to Break out in Early 2024
Following its now common mid-to-end December consolidation, the USD price of bitcoin is “poised to break out on a robust beginning-of-the-year buying flow.” According to the latest Matrixport market preview, the crypto financial services platform foresees the top crypto asset’s price jumping to $50,000 in January.
Matrixport, like many of its peers, said it sees the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as one key event that it expects to fuel bitcoin’s rally. The crypto financial services platform argues that unlike a year ago when bearish sentiment prevailed, the current situation will not see institutional investors staying on the sidelines.
“Institutional investors cannot afford to miss out on any potential rally again and, therefore, have to buy immediately when the markets open for trading in 2024. We expect an immediate rally that once again catches investors off-guard,” the Matrixport market preview asserted.
Despite the crypto asset’s 160% growth in 2023, many experts still expect BTC to surge when the SEC eventually approves spot bitcoin ETF applications by the likes of Blackrock and Fidelity. Initial reports suggesting that the SEC planned to approve the ETFs on Jan. 2 or 3 are believed to have fueled BTC’s mini rally which saw it breach the $45,000 mark for the first time in two years.
Impact of Bitcoin Halving
Although some experts have suggested that the current value of the top crypto asset already factors in the impact of SEC approvals, Matrixport’s market preview suggests that an expected $24-50 billion dollars of inflows will spark a new BTC rally. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000.
Regarding Tether’s unusually limited minting activities at a time when many are predicting a bull run, the market review stated:
“Although we are not seeing an increase in minting activities at Tether, which would signal fiat into crypto inflows, the fact that prices are rallying might be a sign that there are no sellers in the market and prices are squeezing higher.”
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Source: Bitcoin
