The crypto platform that predicted Bitcoin would hit $50,000 has announced a new target

Crypto financial services platform Matrixport has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to $63,000 even if the flagship crypto token reaches that target. Matrix port had previously predicted that BTC would rise to $50,000 by the end of January, although this did not happen.

Bitcoin will rise to $63,000 by March!

Matrixport mentioned in their latest report that BTC will rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable considering certain factors. One includes the Explore Bitcoin ETFswhich were approved over a month ago.

These Bitcoin ETFs have been instrumental in BTC’s resurgence so far (already before they were approved). They continue to see impressive demand, leading to a significant accumulation of BTC by the fund issuers. Interesting, Bitcoin maximalist Samson Mow recently argued that BTC would have fallen by up to 20% without these ETFs.

Meanwhile, trading firm QCP Capital shares similar views to Matrixport as it noted in a previous report that Bitcoin could rise as high as $69,000 thanks to these spot Bitcoin ETFs. Then they will specified that BTC's return to its all-time high (ATH) will depend on the “real flow that the actual ETF will bring in the first few weeks of trading.”

The spot Bitcoin ETFs did not disappoint, recording Net inflows of $2.8 billion during the first 21 trading days. Also Bitcoinist reported as these funds saw $2.2 billion in inflows last week.

Other catalysts that will contribute to Bitcoin’s rise to $63,000

Matrixport also mentioned that Bitcoin halving, interest rate decisions and the US presidential election as factors that could push BTC to $63,000. The Bitcoin halving, expected to take place in April, continues to be projected as an event that could cause the price of Bitcoin to rise exponentially.

In the case of Matrixport, they expect the hopes surrounding the event to push BTC to $63,000 even before it happens. It is not uncommon for the flagship crypto token to be priced ahead of a highly anticipated event such as the Bitcoin halving. Furthermore, Bitcoin historical makes significant profits before the halving.

Additionally, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much of an impact this could have on Bitcoin's rise to $63,000, considering that Fed minutes showed that they are still wary of cutting rates too quickly (at least not as early as March).

Matrixport also stated that the US presidential election could affect the price of Bitcoin. Like the interest rate decision, the election scheduled for November 2024 is unlikely to have any short-term impact on Bitcoin's performance.

BTC bears fail to push price down | Source: BTCUSD on Tradingview.com

Featured image from Cointribune, chart from Tradingview.com

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