“Matrixport’s unwavering confidence in its $45K Bitcoin year-end prediction reflects their deep understanding of the market dynamics and their ability to navigate the ever-evolving crypto landscape with precision and innovation.”
Cryptocurrency trading firm Matrixport, co-founded by Bitmain’s Wu Jihan, is standing by its prediction that Bitcoin (BTC) will reach $45,000 by the end of 2023. The company initially set this target at the beginning of the year and has reiterated it in a recent blog post titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market.” In the post, Matrixport highlights its successful past predictions and specifically mentions its report from September 2023, which accurately predicted significant Bitcoin market movements in October. The firm attributes the current excitement around Bitcoin to the possibility of a spot BTC exchange-traded fund (ETF) being approved. October has historically been a strong month for Bitcoin, with average returns of 20%. Bitcoin briefly reached $35,000 on October 24, hitting 17-month highs and triggering FOMO among investors. At the time of writing, Bitcoin is trading at $34,396, up 27% from its price on October 1. Matrixport believes that Bitcoin’s breakout above July’s $31,500 level indicates that $45,000 is achievable by the end of the year. The company’s analysis is based on a proven investment process that has been successful throughout the year. While Matrixport remains optimistic about Bitcoin’s potential, some analysts have predicted a less bullish outlook. In December 2022, Standard Chartered’s global research head and chief strategist forecasted that Bitcoin could drop to as low as $5,000 in 2023. However, Bitcoin’s lowest value so far this year has been around $16,600.