Bitcoin Price Prediction: Matrixport Forecasts $45,000 Target by End of 2023

The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has reiterated its prediction that Bitcoin will reach $45,000 by the end of 2023. In a recent blog post titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market,” Matrixport highlighted its previous successful market forecasts and cited its report from September 2023, which accurately predicted significant Bitcoin market activity in October. The firm attributed the recent surge in Bitcoin’s price to excitement surrounding the potential approval of a spot BTC exchange-traded fund (ETF) and noted that historically, October has been a strong month for Bitcoin with average returns of 20%. Starting October at around $27,000, Bitcoin briefly reached $35,000 on October 24, triggering FOMO among investors. Matrixport believes that Bitcoin’s breakout above July’s $31,500 level indicates that $45,000 is achievable by year-end. Despite some analysts’ pessimistic predictions, Matrixport remains confident in its bold forecast, citing its successful investment process.

Notifications 0