Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By March

Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.

This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.

Rationale Behind Matrixport’s Optimistic Projection

The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.

Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.

Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.

Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.

Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.

Bitcoin Price Action And Expert Sentiments

Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the $1 trillion mark.

An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.

However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the $45,000-$42,000 range.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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