Matrixport aims to reach $63,000 in Bitcoin by March

9 months ago 48

“As much as $63,000 is possible depending on multiple factors.”

Crypto asset (virtual currency) service company Matrixport has made a bullish prediction in a new report that there is still a possibility that Bitcoin (BTC) will reach $63,000 (approximately 9.5 million yen) by March 2024. Ta.

Factors cited include the approval of a Bitcoin spot ETF, the Bitcoin halving, expectations for a rate cut after the Federal Reserve's FOMC meeting, and the US presidential election.

According to CoinShares, inflows into crypto investment products soared in the week ending March 16, driven by Bitcoin's momentum following the approval of physical ETFs. More than 99% of the inflows were into Bitcoin, totaling the equivalent of $2.4 billion (approximately 360 billion yen).

The amount of assets under management of the target funds has returned to the highest level since December 2021.

connection:
Cryptocurrency investment products record net inflow of approximately 370 billion yen in one week – CoinShares

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Bitcoin ETF special feature

What is Bitcoin ETF?

An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor's investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.

Virtual currency glossary

Will interest rate cuts and the presidential election have a positive effect?

Matrixport also mentioned the expectation of a rate cut after the Federal Reserve's Federal Open Market Committee (FOMC).

If interest rates fall, yield-producing U.S. Treasuries will become less attractive, and investors could move into riskier, growth-prone assets like Bitcoin.

Furthermore, economic policy may change depending on the results of this year's US presidential election. He pointed out that in times of such uncertainty, investors may turn to alternative assets such as Bitcoin.

Former President Donald Trump, the Republican front-runner, has been skeptical of Bitcoin, but he has recently shown signs of changing his mind.

At a town hall (a type of debate) reported by Fox News on the 21st, Trump said of Bitcoin, “There will probably have to be some regulation, but a lot of people accept Bitcoin.'' I think it will be possible to coexist with Bitcoin.” It appears that the outlook is more positive than before.

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Regarding the halving period, US virtual currency management company Grayscale released a report on the 9th. He opined that the Bitcoin price is not only affected by the halving, but also by larger economic conditions, but speculated that the selling pressure on miners would ease after the halving as rewards to miners would decrease.

connection:
“This Bitcoin halving is different from the last time” Grayscale analysis