Matrixport Experts Identify Factors for Bitcoin's Rise to $50,000
Matrixport experts suggest that by the end of this week, Bitcoin could reach the $50,000 mark.
The key factors that could stimulate the growth in the cryptocurrency's value include:
- the potential approval of spot Bitcoin ETFs in the USA;
- increased interest from financial institutions;
- limited supply of Bitcoins in the market.
- FOMO among institutional investors
"Institutional investors do not want to miss a potential rally. Therefore, they should start buying as soon as the markets open in 2024. We expect a swift rally that will surprise investors again," the analysts note.
They also point out that the announcement of new exchange products could happen "as early as today or tomorrow," which will be a significant factor in the growth of Bitcoin.
At the end of December, companies including BlackRock, VanEck, Valkyrie, Fidelity, WisdomTree, Bitwise, Franklin Templeton, Invesco, and Galaxy submitted final amendments to their applications for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC).
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