Matrixport: Bitcoin will rise to $ 50,000 in January 2024

Crypto industry analysts from Matrixport emphasize that if the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin ETFs in early January next year, the price of the digital asset BTC $62,283.94 Bitcoin -1.92% Market capitalization $1.23 trillion VOL. 24 hours $1.25 billion will rise to $ 50,000 by the end of the month.

Experts have drawn parallels with the launch of bitcoin futures by CME Group in 2017. Back then, the exchange announced derivatives in late October, and trading began in early December. During this period, the market leader’s quotes jumped by 196%.

Experts also reiterated their forecast that bitcoin would reach $ 45,000 by the end of 2023. Historically, the price of bitcoin has often risen between Christmas and New Year’s Eve — in 2020, it gained 22% during these days.

At the time of writing, the main crypto asset has added 0.33% and is trading at $ 43,885. The total number of coins circulating on the market is $ 859 billion. Traders made daily trading deals worth $ 23.4 billion. BTC’s dominance in the market has dropped to 51.8%. As a reminder, bitcoin tested the $ 44,000 mark the day before.

Matrixport emphasized that they had anticipated a period of bitcoin consolidation starting December 8. However, by the end of the month, the company’s specialists expect the growth of quotations to accelerate.

Industry experts expect the regulator to approve applications for spot bitcoin ETFs around January 8−10, 2024.

In recent months, applicants have been actively consulting with the SEC. According to Fox Business, the Commission’s main requirement is that fund shares be redeemed exclusively in cash — they cannot be exchanged for securities of other investment products and other assets. The goal is to prevent money laundering.

The regulator is considering 13 applications, including those from BlackRock, VanEck, Invesco, Fidelity Investments, and WisdomTree. Some companies have already made changes to their documentation. According to Fox Business, the applicants are «optimistic» about the regulator’s decision.