Matrixport, a cryptocurrency firm, continues to garner attention with its reports, particularly with price analyses related to Bitcoin and potential spot Bitcoin ETF applications. These reports have captivated many investors with their predictions. Let’s explore what forecasts stood out in recent Matrixport reports.
In a report published on November 9, 2023, Matrixport highlighted Bitcoin’s increasing acceptance as a store of value compared to gold, noting Bitcoin’s market value had reached approximately 10.8% of gold’s. The report emphasized the potential impact of spot Bitcoin ETF products.
Another report on November 19, 2023, predicted that Bitcoin’s price could rise to $42,000 if an ETF application were approved, with the most optimistic scenario predicting a surge to $56,000 due to an influx of $50 billion. At that time, Bitcoin had reached a price of $45,925 on January 2.
On December 1, 2023, Matrixport renewed its Bitcoin forecast, projecting a price of $63,140 by April 2024 and $125,000 by the end of 2024. When this report was released, Bitcoin was trading at $38,251.
A subsequent report on January 2 claimed Bitcoin could reach $50,000 within the month and anticipated the start of an altcoin season despite high funding rates. On the day of the report, Bitcoin had surged over 7% in the last 24 hours to a price of $45,284.
Matrixport analysts released a surprise report on January 3, suggesting the SEC is not expected to approve the ETF decision scheduled for announcement on January 10. The firm anticipates final approval in the second quarter of the year. Following this analysis, analysts adjusted their Bitcoin price predictions to the $36,000 to $38,000 range, and Bitcoin’s price subsequently dropped to $40,850.
Reviewing these reports, it’s evident that while many of Matrixport’s short-term predictions have been accurate, long-term expectations have yet to be met, primarily due to the processes surrounding ETF applications.
