Bitcoin Surpasses $50,000 This Week! Matrixport Offers Reassurance

As Bitcoin currently moves in the $45,000 range, some influential players in the crypto market are showing particular confidence about the evolution in the upcoming weeks. This is especially true for Matrixport, a leading investment firm, which has just published an optimistic note. Let’s examine in detail the reasons why Matrixport believes that surpassing the $50,000 mark by BTC is within reach.

An Ideal Technical Setup for Bitcoin’s Bullish Explosion

In its analysis published at the beginning of January, Matrixport highlights the price consolidation observed in Bitcoin at the end of 2022, which supposedly laid the groundwork for a sharp bullish rally as soon as 2024 begins. The platform is banking on the return of institutional investors, who stayed on the sidelines last year, but are now eager to take advantage of the uptrend.

Several technical factors support this explosive scenario according to Matrixport. First, the imminent approval of a Spot Bitcoin ETF in the United States could serve as a trigger event. This highly anticipated advancement for BTC’s institutional adoption could happen as early as this week, according to some observers.

Secondly, Matrixport notes that 70% of the circulating bitcoins haven’t been spent in the last twelve months, indicating a scarcity of available supply that could send prices soaring. Finally, the approach of the April 2024 halving, which cuts the creation of new bitcoins in half, reinforces this scarcity scenario.

A rally past $50,000 seen as achievable in the coming days

Given these ultra-favorable conditions, Matrixport considers the prospect of a surge past $50,000 for Bitcoin in the next few days to be entirely reasonable and even probable. The platform mentions the possibility that this symbolic threshold could be crossed following the announcement of the American ETF, if it occurs this week.

In the longer term, Matrixport envisions a target of $125,000 by the end of 2024. This is based on the historical performance of BTC during previous halvings (notably an average increase of +192%). However, the milestone of $50,000 seems very much within reach in the very short term, according to the investment firm’s analysts.

With its recent note, Matrixport has reignited the fantasy of a new imminent bullish explosion for Bitcoin, potentially beyond the mythical threshold of $50,000. Needless to say, if this optimistic scenario were to materialize, it would be a roaring start for 2024, providing reassurance about the future of the leading crypto. But in the Wild West of the cryptocurrency market, it’s better to remain cautious and prepare for all eventualities.