July 24, 2024
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Matrixport is increasing its bet on a $45K Bitcoin year-end.

In an early 2023 projection, Matrixport set a bold year-end BTC price target of $45,000, only to reaffirm its audacious Bitcoin forecast later.

Matrixport, a cryptocurrency trading firm co-founded by Bitmain’s Wu Jihan, has reasserted its stance that Bitcoin (BTC) will surge to $45,000 by the close of 2023.

The reiteration came through a blog post on October 24, titled “Bitcoin Aims for $45,000 — FOMO Grips the Market,” offering a concise analysis of Matrixport’s previous market forecasts and highlighting its successful predictions.

One of Matrixport’s notable references was its “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge” report from September 2023, which has thus far accurately foreseen substantial Bitcoin market movements in October.

The firm foresaw a robust October for Bitcoin due to the excitement surrounding potential approvals for a spot BTC exchange-traded fund (ETF). Additionally, it pointed out the historical strength of Bitcoin in October, boasting an average return of 20%.

Beginning October at around $27,000, Bitcoin briefly surged to $35,000 on October 24, reaching levels not seen in 17 months and sparking a frenzy of investor FOMO. As of the current moment, Bitcoin is exchanging hands at $34,396, representing a 27% increase from its October 1 price, as per CoinGecko data.

Matrixport’s report also emphasized that Bitcoin’s breakout above July’s $31,500 level is indicative of a potential year-end milestone of $45,000, along with the assertion that:

“While our initial prediction may have seemed daring, our analysis is grounded in a proven investment methodology that has enjoyed exceptional success this year.”

Matrixport initially introduced the $45,000 Bitcoin projection in its bullish 2023 report published in January 2023, stating:

“There exists a statistically significant likelihood of Bitcoin’s price doubling from the present point until the end of the year. This could propel Bitcoin’s value to $45,000 by the holiday season in 2023,” as articulated by the firm back then.

Nonetheless, certain analysts have been notably pessimistic regarding Bitcoin’s price trajectory in 2023. In December 2022, the Head of Global Research and Chief Strategist at Standard Chartered predicted the potential for Bitcoin to plummet to as low as $5,000 in 2023. It’s worth noting that the lowest point Bitcoin reached in the current year was approximately $16,600.