Matrixport: Bitcoin to Reach $50,000 in January with Christmas Market + ETF Passing
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Matrixport: Bitcoin Surpasses $50,000 in January
Comparable to the Launch of Bitcoin Futures on the Chicago Mercantile Exchange
BTC is Not Always Bearish at the End of the Year
Matrixport: Bitcoin Surpasses $50,000 in January
Matrixport
A tweet suggests that the SEC is expected to approve a Bitcoin spot ETF in January and is optimistic that the price of BTC will exceed $50,000 by then.
The article mentions that many investors have also positioned themselves in the Bitcoin mining industry or related crypto stocks in advance.
Comparable to the Launch of Bitcoin Futures on the Chicago Mercantile Exchange
Similar to a historical event, the Chicago Mercantile Exchange launched Bitcoin futures in 2017.
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From the confirmation of the launch to the official trading, BTC surged more than 196% within a six to seven-week window.
BTC Trend in 2017
BTC is Not Always Bearish at the End of the Year
Although it was previously expected that BTC would consolidate until the end of the year starting from December 8th, Matrixport has turned bullish.
Matrixport points out that BTC has shown an average increase of 3% during the period from December 24th to December 31st in the past few years, and it has also demonstrated an upward trend in 2011, 2013, and 2020.
In addition, ETF issuers Bitwise and Hashdex have released consecutive advertisements to warm up the market. Matrixport believes that these advertisements can continue to support BTC prices and gain significant exposure during the Christmas holiday, indicating a high chance of BTC rising during the Christmas break.
If the Bitcoin spot ETF is approved as well, Matrixport firmly believes that BTC will reach $50,000 in January.
CME
Matrixport
Bitcoin Spot ETF
Related Reading
CryptoQuant Analysis: Short-Term Correction Risk for Bitcoin, $160,000 by 2024 is Possible
January Approval is Inevitable? Bitcoin Spot ETF is a “Key Priority” for BlackRock.
