Matrixport: BTC price is expected to reach $63,000 in March

Matrixport released a new report stating that it is possible for BTC to reach a target of $63,000 by March 2024.

 

Matrixport stated that historical data shows Bitcoin prices usually rebound during halving. The catalysts for Bitcoin include:

 

1. Approval of the Bitcoin spot ETF: This fund has already seen an inflow of $10 billion. As more and more investors integrate Bitcoin with traditional investment portfolios, the marketing activities carried out by these ETF issuers will continue to support the price of Bitcoin.

 

2. Bitcoin Halving: Based on the situation two months before halving, bitcoin prices often rise by more than 32% during halving.

 

3. Expectations for interest rate cuts after FOMC meetings: Two weeks after the June FOMC meeting, when the Federal Reserve may formally cut interest rates for the first time.

 

4. U.S. Presidential Election: Bitcoin tends to rise in election years, with an average return rate of +192%.