Stunning Bitcoin Report from Matrixport: "It Will Be $50,000 Before That Date!"

Asia-based crypto trading firm Matrixport has made an intriguing prediction regarding the price of Bitcoin, stating that the price could reach $50,000 before the end of January.

The prediction first made on Dec. 21 proved to be largely correct, and the price of Bitcoin consolidated over the holiday period before its recent rise. Matrixport detailed the factors that will continue to drive BTC's rise in 2024, stating why the $50,000 level is possible.

Matrixport has outlined four factors that will drive Bitcoin's ongoing rally. The first of these factors is the pending approval of spot BTC ETFs in the United States. Contrary to the expectation that the approval will be given between January 8 and 10, the company expects the approval to be given earlier.

According to the company, the possible approval will push the BTC price up significantly and will not be a "news-selling event" as many expect. The firm anticipates that the ETF will create an opportunity for more institutions to gain exposure to BTC and realize that it can be used as collateral to buy more assets.

The second factor, according to Matrixport, is the current shortage of supply. Over the past year, close to 70% of Bitcoin's supply has remained dormant, and its supply on exchanges is decreasing. Many investors have withdrawn their assets to cold wallets after FTX's collapse.

As we reported as Koinfinans.com, the biggest expectation of Matrixport and the participants in the sector is the halving event, which is expected to take place in April.

Finally, the U.S. Federal Reserve's pivot to a dovish stance means that more capital will flow into the markets to look for investment opportunities. With riskiers like crypto performing well over the past year, institutional investors will likely seize this opportunity and not miss out on another rally.

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