Matrixport experts predict a powerful rally for bitcoin in 2024

In the first half of 2024, the cryptocurrency industry will face bright micro and macro events. They will have a positive impact on both the value of bitcoin and the entire industry. This was stated by Matrixport analysts.

Experts have identified events that will contribute to the further growth of the first cryptocurrency and the entire crypto market:

• Approval of applications for a spot bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) will make a decision in January of next year, and trading will begin in February or March, analysts suggest.
• Listing of Circle (USDC) on the stock market. This may happen in April.
• Restart of FTX. The final verdict will be presented this year in December. According to Matrixport, the crypto exchange will start operating in May 2024 and will regain the third place in the top leaders over the next 12 months.
• Halving. The three factors listed above, along with the upcoming halving next spring, will provide a healthy boost to BTC.
• A potential interest rate cut by the Federal Reserve. This is likely to happen by the middle of next year. If inflation declines, bitcoin and the entire crypto market will see another price rally.

At the end of October, Matrixport predicted that bitcoin would break through $ 125,000 by December 2025. Historically, during every bull market, the average return on BTC is always around 310%.

At the time of writing, the flagship crypto asset has added 1.3% in value and is trading at $ 37,039. The coin’s market capitalization amounted to $ 723.7 billion, and traders made daily trading deals worth $ 20.8 billion. BTC’s dominance in the market is recorded at 51.4%. The Fear and Greed Index was an optimistic 78 points.