Matrixport Report: Bitcoin’s Target of $63,000 by March 2024 is Achievable
A new report from Matrixport predicts that Bitcoin (BTC) could reach a target of $63,000 by March 2024.
In its report , Matrixport identified four key catalysts that could propel Bitcoin to new heights, including the recent approval of spot Bitcoin ETFs, the upcoming halving event, and interest rate cuts.
Since the SEC greenlighted spot Bitcoin ETFs on January 10, there has been a growing demand for these products.
Earlier this week, daily spot Bitcoin ETF trading volume amounted to nearly $2 billion , the highest level since the first day of trading on January 11.
As reported earlier, spot Bitcoin ETFs witnessed a substantial influx of approximately $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion.
These inflows accounted for almost half of the total net inflow since the inception of BTC ETFs, which currently stand at approximately $5 billion.
The Matrixport report noted that the Bitcoin Halving event, slated for 2024, will further drive the price of BTC higher by reducing supply.
The Bitcoin halving is a pre-scheduled event that reduces the reward for mining new blocks by half, effectively slowing the rate at which new bitcoins are created.
Historically, halving events have been precursors to substantial price rallies, attributed to the reduced supply of new Bitcoins entering the market.
Matrixport released a new report stating that BTC’s goal of reaching $63,000 in March 2024 is achievable. Catalysts include: the approval of a Bitcoin spot ETF, the Bitcoin halving, expectations of an interest rate cut after the Fed’s FOMC meeting, and the U.S. presidential…
— Wu Blockchain (@WuBlockchain) February 23, 2024
The report also mentioned that expectations of interest rate
Read more on cryptonews.com
