A new analysis-based prediction claimed that Bitcoin is ready to hit a $50k trade price in the first month of this new year.
The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $45,228. This trade price is 7.5% higher over the last 24 hours trade price.
This trade price suddenly surged in the last 10 hours because of the potential chances of the Bitcoin spot ETF applications by the United States Securities and Exchange Commission (SEC) within a couple of days.
A crypto-focused firm Matrixport, a Singapore-based platform, shared its analysis on behalf of the current sentiments and predicted that Bitcoin is going to hit a $50,000 trade price in the next 30 days.
MatrixPort analysis also predicted that a $50k trade price is a very easy target for Bitcoin and there are huge possibilities that it will trade above the $50k level within the next 7 days.
The whole analysis by MatrixPort was based on multiple factors like potential approval of Bitcoin spot ETF applications & past patterns.
Recently some traditional financial giants also reported that huge numbers of institutional investors are again entering the Bitcoin market, so there are huge possibilities that 2024 will bring new all-time highs for Bitcoin.
Goldman Sachs’s head of digital assets, Matthew McDermott, said that all the businesses, which experienced Crypto & blockchain’s efficiency, are scaling to maximise commercial opportunities as the crypto market awaits a Bitcoin exchange-traded fund (ETF).
McDermott also said that approval of Bitcoin spot ETFs will also bring an opportunity for pension funds and insurers to invest in Bitcoin under full legal clarity.
Just a day ago, we reported that Vanck advisor Gabor shared his opinion on the Bitcoin spot ETF applications and said that people are only overhyping these ETFs because these are not going to bring a big impact on the Bitcoin market for the short term but surely in the long term it will help the inflow of trillions of dollars in this market.