Even though various analyses and predictions about price have been made from the past to the present, some of these predictions have come true in a way that is both funny and scary. Matrixport company’s Bitcoin price prediction of 45,000 dollars seems likely to be realized according to the prediction made on February 1. After the start of the trading day in Asian markets, Bitcoin traded around 44,000 dollars in the early hours of Friday and is expected to exceed the level of 45,000 dollars by the end of the month.
In the report prepared by Matrixport’s research director Markus Thielen, it is stated that the Bitcoin rally took place in five stages in 2023. These stages are listed as a reaction to inflation trends, response to banking crisis, increase due to BlackRock’s ETF application, support from Federal Reserve policy changes, and finally the impact of SEC regulations on Bitcoin ETFs.
Some crypto investors wonder why they are so focused on Bitcoin when there are many cryptocurrencies. However, Bitcoin has not misled investors and has risen. The leading cryptocurrency has increased by 164% since the beginning of the year, while Ethereum has drawn attention with a 99% increase.
In the continuation of the Thielen report, it is stated that events such as the bankruptcies of crypto credit and lending platforms in 2022 and the distribution of banks related to crypto onramps in March 2023 have been taken to another dimension. This year’s crypto rally has focused more on Bitcoin, which has a higher volatility rate, instead of altcoins preferred by individual investors, because individual investors have difficulty converting fiat money to crypto.
Cryptocurrency investors are curious about the impact of a possible ETF approval in the near future on Bitcoin and although the frequently encountered “buy the rumor, sell the news” situations in the world of cryptocurrency worry investors, the number of those expecting a rise is also significant. A prediction market contract on Polymarket sees the probability of approval of the spot Bitcoin ETF as 77%, while Bloomberg gives more than 90% chance for an ETF approval in January.