Bitcoin Rise in 2024 To Be Driven by Macro and Micro Events: Report

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  • Matrixport said five micro-events and one macro-event would drive Bitcoin’s price in 2024. 
  • The firm listed spot Bitcoin ETF approval, FTX restart, and Bitcoin Halving as factors that could boost BTC’s price. 
  • Matrixport said Bitcoin could hit $45K by year-end if it maintains its current momentum.

In its latest analysis, crypto financial services platform Matrixport predicted that Bitcoin’s growth in 2024 would be determined by a range of factors that could push its price to $45,000 by 2023-end and well beyond next year. The report noted five micro-events and one macro-event that could positively drive up the largest cryptocurrency’s price. 

Matrixport also expects the U.S. Securities and Exchange Commission to greenlight a spot Bitcoin ETF approval in January and trading to commence by February or March. Such an approval, Matrixport noted, would bolster the digital asset’s price. 

Furthermore, the financial company services said Circle, USDC’s issuer, possibly listing on the stock market by April 2024, could bolster the crypto market’s performance and, consequently, Bitcoin’s price.

With notable developments around FTX’s debt settlements, Matrixport predicts the company could see a bid by December 2023. Additionally, the firm expects the crypto exchange to be operational by mid-2024 and reclaim its spot as a top 3 exchange within a year. 

Furthermore, Matrixport claimed the interest rate cut expected by mid-June could result in a liquidity boost in the crypto market. The report also noted that Bitcoin’s halving, combined with the other identified factors, is expected to drive Bitcoin’s adoption and growth in 2024. 

Before the year’s close, however, Matrixport said Bitcoin’s price could hit $45,000 if it manages to sustain its current momentum. According to the report, the increase in buyers during U.S. trading hours and sustained upward movement could push Bitcoin higher into the end of the month and year. 

Meanwhile, the firm mentioned that an Ethereum upgrade scheduled for next year could also impact BTC’s price. However, Matrixport doubts whether the upgrade would make any difference. Elsewhere, Bitcoin’s upward surge has lost momentum, and the token has dropped to $36K after briefly topping $37K. At the reported time, Bitcoin is changing hands at $36,437, a 0.40% decline in the past 24 hours, according to CoinMarketCap’s data.

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