Bitcoin could reach $63k in March 2024, Matrixport says

Matrixport analysts have published a new report with an updated Bitcoin (BTC) price forecast for the near future.

According to a new Matrixport document, experts believe BTC’s goal of reaching $63,000 in March 2024 is achievable. In their opinion, there are several circumstances among the primary growth factors.

Citing inflows into Bitcoin continue following the approval of a spot ETF, the report highlights growing interest from institutional investors.

Another critical factor is the upcoming Bitcoin halving event. There have been halving events in the past that have caused Bitcoin prices to increase. However, whether that effect will be observed this time remains unclear.

Finally, the upcoming U.S. presidential election and political uncertainty could impact Bitcoin prices. However, the impact of such political events on cryptocurrency markets is quite complex, making precise predictions difficult.

Previously, Matrixport called February a favorable month for investing in Bitcoin. Analysts cite a seasonal pattern over the past ten years, suggesting that February is favorable for investing in Bitcoin. In seven out of ten cases, the profitability of the first cryptocurrency in February averaged 8%.

“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%.”

Matrixport

At the same time, the fair value of Bitcoin is still zero, ECB specialists said. Director of Market Infrastructure and Payments Ulrich Binzdeil and the institution’s advisor Jurgen Schaff said that even though the price of IES has increased over the past period from $17,000 to $51,000, the asset will still collapse.