Matrixport Stands Firm on $45,000 Bitcoin Price Prediction for Year-end 2023
Summary:
Matrixport, a crypto trading company co-founded by Bitmain's Wu Jihan, has reiterated its prediction that Bitcoin (BTC) will surge to $45,000 by the end of 2023. This was emphasized in an October 24 blog post. Matrixport drew attention to its successful market forecasts, even amidst others' less bullish predictions. The firm asserted the feasibility of this prediction based on Bitcoin’s performance, its surge past the July value of $31,500, and its historically strong performance in October. Despite differing opinions from various analysts on Bitcoin's projected value within 2023, Matrixport remains confident in its initial forecast.
Matrixport, the crypto trading company co-founded by Wu Jihan of Bitmain, continues to assert that Bitcoin (BTC) will reach $45,000 by the close of 2023. Initially stating this BTC price goal for year-end 2023 at the start of the year, the firm stood by their Bitcoin forecast in an Oct. 24 blog post. This post, titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market,” summarizes Matrixport’s earlier market predictions and recognizes the company's accurate forecast of several market events. In particular, the firm hailed its September 2023 report “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge,” which up until now successfully foretold Bitcoin's significant October market activity. The company had forecasted an encouraging October for Bitcoin due to anticipated approvals of spot BTC exchange-traded funds (ETF). Furthermore, Matrixport highlighted how historically, October has been Bitcoin’s most rewarding month, yielding average returns of 20%.
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Commencing October at roughly $27,000, Bitcoin momentarily peaked at $35,000 on Oct. 24, achieving a 17-month high and sparking a fear of missing out among investors. As of now, Bitcoin is valued at $34,396, demonstrating an increase of 27% since Oct. 1, based on CoinGecko data.
Matrixport emphasized in its report that Bitcoin’s surge past July's value of $31,500 implies that it is feasible to reach $45,000 by year-end. The company added, “Though our prediction may seem audacious, it relies on a tested investment approach that has yielded remarkable success this year.”
The firm first introduced its $45,000 Bitcoin prediction in the optimistic 2023 report they published in January 2023. Matrixport noted at the time, “There is a high statistical likelihood that Bitcoin prices could double from their current level by the end of the year. This could drive Bitcoin prices up to $45,000 by Christmas 2023.”
However, not all analysts share this bullish outlook for Bitcoin’s price in 2023. The global research leader and chief strategist at Standard’s Chartered predicted in December 2022 that Bitcoin could fall to a low of $5,000 in 2023. The lowest point Bitcoin has reached this year was around $16,600.
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Published At
10/25/2023 1:40:34 PM
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