• 28 May, 2024
News

Matrixport Unveils Highly Optimistic Forecast for the Crypto Market in 2024

In a pivotal move, renowned cryptocurrency journalist Colin Wu, via an X post on Wu Blockchain, has highlighted Matrixport’s predictions for the cryptocurrency industry in 2024. Matrixport is a crypto financial services firm that has conducted meticulous research to unveil a roadmap for the first half of 2024. The roadmap predicts five micro-events and one macro-event that could positively impact the industry, potentially leading to new heights in Bitcoin prices. 

According to the recent report, Matrixport envisions the Securities and Exchange Commission (SEC) greenlighting a Bitcoin Exchange-Traded Fund (ETF) by January 2024, with trading activity expected to kick off in the subsequent months of February or March. Adding to the intrigue, Matrixport suggests that stablecoin issuer Circle could debut on the stock market by April, adding a layer of dynamism to the crypto financial landscape.

Additionally, the forecast takes into account the inclusion of FTX. The exchange’s successful bid announcement may take place in December 2023, and operationalization is expected to occur in May or June 2024. FTX aims to quickly regain its position as one of the top three exchanges within twelve months.

The convergence of the highly anticipated events and the impending Bitcoin halving cycle is poised to infuse substantial momentum into the cryptocurrency landscape for the upcoming year. While recognizing the difficulty in identifying a definitive catalyst for growth, Matrixport’s predictions emphasize the potential game-changing impact of Ethereum’s IEP-4844 upgrade scheduled for Q1 2024.

Adding to the intrigue are the highly probable chances of a U.S. Federal Reserve interest rate cut by mid-2024, perfectly aligning with market indicators suggesting a potential rate adjustment in June of the same year. The imminent release of U.S. Consumer Price Index (CPI) data next week is poised to be a pivotal factor, which has the potential to trigger a Bitcoin rally in case of another downturn in inflation.

According to Matrixport’s vision, Bitcoin aims to break free from its current trading range of $34,000-$35,000. If it surpasses $36,000, the cryptocurrency is projected to reach the next technical resistance level at $40,000. The forecast suggests that Bitcoin may reach a potential valuation of $45,000 by the end of 2023. With increased buyer activity during U.S. trading hours and Bitcoin’s persistent attempts at a breakout, prices would likely rally as the month and year come to a close.

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