Matrixport report predicts ‘cryptocurrency price rise in 2024’ regardless of spot Bitcoin ETF approval.
In a recent report from financial services company Matrixport, senior analyst Markus Thielen suggested that Bitcoin could experience significant growth in 2024 even if a spot ETF is not approved.
The report highlights various catalysts, including increased liquidity, the upcoming Bitcoin halving event, and Donald Trump’s possible re-election as US president.
Spot Bitcoin ETF Earn Crypto Profits Without Approval
Last October, Matrixport analysts predicted that Bitcoin could be worth between $42,000 and $56,000 if the US SEC approves a spot Bitcoin ETF. But now a new report led by Markus Thielen suggests that Bitcoin and the entire cryptocurrency market could grow without ETF approval.
“Even if the SEC still does not approve a Bitcoin spot ETF in January 2024, it is likely that cryptocurrency prices will move higher in 2024,” the report said. Analysts recommend monitoring Bitcoin dominance charts for signs of a potential altcoin rally.
Matrixport’s report highlights that U.S. money market funds have achieved significant growth since the start of the COVID-19 pandemic, reaching $6.1 trillion. This surge will add $320 billion in annual interest payments, creating a favorable environment for investing in volatile assets such as stocks and cryptocurrencies.
Bitcoin halving event and the possibility of Donald Trump being elected
2024 is an important year for the cryptocurrency, with Bitcoin experiencing its halving event scheduled for April, with its price historically rising +192%.
Matrixport’s report also points out that Donald Trump’s potential re-election could have a positive impact on the US economy, impacting both US stocks and cryptocurrency tokens.
Matrixport’s initial prediction that Bitcoin would surpass $42,000 has already come true, with the leading cryptocurrency currently trading at $42,634, according to a Coinpedia report.
The report also covers discussions among Federal Reserve members, including Federal Reserve Chairman Jerome Powell, about a potential interest rate cut. In a July report, Matrixport researchers predicted that BTC could reach $125,000 per coin by the end of 2024.