Matrixport: Christmas Market + ETF Approval, Bitcoin to Reach $50,000 in January

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Matrixport: Bitcoin Expected to Break $50,000 in January

Matrixport tweeted that the SEC is expected to approve a Bitcoin spot ETF in January and predicts that the price of BTC will surpass $50,000 at that time.

The article mentions that many investors have already positioned themselves in Bitcoin mining or related cryptocurrency stocks in advance.

Bitcoin Futures Launched Similar to CME

Similar to a historical event, CME launched Bitcoin futures in 2017.

During the six to seven weeks from confirmation to official launch, BTC rose by over 196%.

Year-End Outlook for BTC is Not Always Bearish

Although it was previously expected that BTC would consolidate until the end of the year starting from December 8, Matrixport has turned bullish.

Matrixport points out that BTC has shown an average increase of 3% during the period from December 24 to December 31 in the past few years, and it also experienced upward trends 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 the BTC price and gain significant exposure during the Christmas holiday season, indicating a high chance of BTC rising during the Christmas holidays.

If the Bitcoin spot ETF is also approved, Matrixport firmly believes that BTC will reach $50,000 in January.