Amid the hype over the SEC's approval of Bitcoin ETFs, Matrixport surprises with a bold report, projecting a significant rise in Bitcoin prices in 2024, regardless of the Commission's decision.
Matrixport identifies Powell's recent statement on fighting inflation as a key factor. Remember the 300% increase in Bitcoin prices in 2019 when the Federal Reserve ended its hiking cycle, showing parallels with the current situation.
The platform uses an inflation model to support its prediction. It forecasts a drop in the US CPI below 2%, signaling a possible inflationary slowdown. This could drive investors towards assets like Bitcoin as a hedge against value erosion.
Even if the SEC does not approve Bitcoin ETFs, Matrixport predicts higher prices in 2024. It highlights exponential growth in US money market funds, creating a potential influx of capital into risk assets, including cryptocurrencies.
Matrixport closes its forecast considering crucial events in 2024, such as the Bitcoin halving cycle. Historically, this event has been associated with significant price increases, cementing the bullish outlook for the leading cryptocurrency.
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