Matrixport analysts have recently unveiled a comprehensive report featuring a revised Bitcoin (BTC) price forecast for the upcoming months, with a notable focus on the achievable target of $63,000 in March 2024.
According to the report, several factors contribute to this optimistic outlook. The document emphasizes the sustained inflow into Bitcoin, particularly following the approval of a spot ETF, showcasing a rising interest from institutional investors as a primary growth factor.
The impending Bitcoin halving event also stands out as a critical factor influencing the projected price surge. While historical halving events have historically led to increased Bitcoin prices, the report acknowledges uncertainty regarding whether a similar effect will manifest this time.
The report additionally notes the potential impact of the upcoming U.S. presidential election and political uncertainties on Bitcoin prices. However, it underscores the complexity of predicting precise outcomes in cryptocurrency markets in response to political events.
Matrixport’s positive stance on Bitcoin follows their earlier endorsement of February as a favorable month for Bitcoin investments. Analysts at Matrixport point to a historical seasonal pattern, with seven out of the last ten years showing positive returns in February, averaging around 8% for the first cryptocurrency.
“February tends to be a favorable month for Bitcoin, showing a notable seasonal pattern with positive returns in 7 out of the last 10 years and averaging at +8%,” states the report from Matrixport.
However, it’s noteworthy that the fair value of Bitcoin remains contested, as highlighted by the European Central Bank (ECB) specialists. Despite Bitcoin’s price increase from $17,000 to $51,000, ECB’s Director of Market Infrastructure and Payments, Ulrich Binzdeil, and advisor Jurgen Schaff maintain a skeptical perspective, asserting that the asset’s fair value is still zero and predicting an eventual collapse.
