Matrixport Report Predicts: Bitcoin BTC Price Expected to Reach 45K by Year End, FTX Returns to Top Three
Matrixport's latest report indicates that as we approach 2024, the cryptocurrency industry is facing a series of significant events that are expected to have a positive impact on the entire sector. From policy changes to technological upgrades, these dynamics are projected to drive up Bitcoin prices, bringing new opportunities for investors and market participants.
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Key Events and Market Impact: ETF, Circle Listing, FTX Return to Top Three
Firstly, it is expected that the U.S. Securities and Exchange Commission will approve a Bitcoin ETF in January 2024, with trading expected to commence in February or March, bringing a wider investor base to the cryptocurrency market.
Next, stablecoin issuer Circle is anticipated to go public in April, further enhancing the legitimacy and acceptance of the cryptocurrency industry.
In addition, while the FTX relaunch bid announcement may occur in December 2023, the exchange is expected to start operating in May or June 2024 and is poised to regain its position as one of the top three exchanges within twelve months. These events, along with Bitcoin's halving cycle, are expected to bring robust momentum to the industry.
Technological Upgrades and Economic Factors: EIP-4844, Rate Cuts
It is worth noting that Ethereum's EIP-4844 upgrade plan is expected to take place in the first quarter of 2024. While considered a significant upward catalyst with challenges, this upgrade will undoubtedly have a profound impact on the entire industry.
Simultaneously, the U.S. Federal Reserve may cut rates in mid-2024, with market pricing indicating the first rate cut to occur in June, potentially further stimulating the cryptocurrency market.
Bitcoin Price Trends and Predictions: BTC at 45K
Bitcoin may continue to climb to the technical resistance level of $40,000, and there is even a possibility of reaching $45,000 by the end of 2023. With a steady increase in U.S. trading time buyers and Bitcoin's ongoing attempts to break through, Matrixport believes that prices may continue to rise by the end of the year, with the potential start of a Santa Claus rally.
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