Will Bitcoin (BTC) price plummet? Matrixport made a bold prediction at $36,000.

By Crypto Gloom On Jan 26, 2024

The entire cryptocurrency market is currently in a state of fragmentation, and King Crypto is dealing with an expected ETF collapse. Bitcoin has had a difficult week, falling below $40,000 for the first time since December, reaching around $38,680 on January 23, 2024. However, the cryptocurrency has since rebounded to surpass $40,000 and is currently trading at $40,070, up 0.3% from the previous month. Last 24 hours. This rally has boosted investor confidence in Bitcoin. But Matrixport has some interesting things to reveal.

Matrixport’s Bold Claim: Is the $50,000 Forecast Unrealistic Given Market Conditions?

According to Matrixport’s latest research report published on January 26, Bitcoin will fall to the support level of $36,739. The report suggests that despite TradeFi’s lukewarm interest in the Bitcoin spot ETF and GBTC investors taking profits, the overall liquidity crunch and macro factors remain strong, which could lead to a rebound from this support level.

Interestingly, Matrixport Research, as reported by cryptocurrency journalist Colin Wu, argues that despite the recent recovery, the price of Bitcoin is bound to fall by $36,739. The report attributes this potential decline to TradeFi’s lukewarm interest in its Bitcoin spot ETF and continued profiteering by GBTC investors. After receiving approval to launch a spot-based Bitcoin ETF, Grayscale transferred a significant amount of Bitcoin to Coinbase Prime, sparking mixed reactions within the cryptocurrency community. Following ETF approval, Grayscale recorded the biggest move of the week, depositing 103,134 BTC ($4.23 billion), including 9,434 BTC, into its custody platform, according to Lookonchain data.

Matrixport predicted a few weeks ago that Bitcoin would rise and reach $50,000 after the SEC approved a Bitcoin spot ETF on January 10. This prediction closely matches previous predictions. Despite being approved, Bitcoin is still worth $40,000. Matrixport predicts it could fall to $36,739 before rising again.