Bitcoin

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<a href="https://bitcoinist.com/bitmain-crypto-subsidiary-matrixport-seeking-to-raise-40m/" rel="nofollow">Crypto financial services platform Matrixport</a> has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to $63,000, including when the flagship crypto token hits this target. Matrixport had <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-sell-50000-btc/#:~:text=While%20BTC%20seems%20to%20be,pending%20Spot%20Bitcoin%20ETF%20applications.">previously predicted</a> that BTC would rise to $50,000 by the end of January, although that didn’t happen.&nbsp; 
<h2 id="bitcoin-will-rise-to-63-000-by-march">Bitcoin Will Rise to $63,000 By March!</h2> 
Matrixport mentioned in their <a href="https://docsend.com/view/3xag7us3udaanuj7?utm_source=BenchmarkEmail&amp;utm_campaign=MoT_VIP_CN_23_Feb_2024&amp;utm_medium=email" rel="nofollow">latest report</a> that BTC will rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the <a href="https://bitcoinist.com/bitcoin-etfs-record-2-2-billion-inflow-in-past-week/" rel="nofollow">Spot Bitcoin ETFs</a>, which <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">were approved</a> over a month ago.&nbsp;&nbsp; 
These Bitcoin ETFs have so far contributed largely to BTC’s resurgence (<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crosses-35000/">even before</a> they were approved). They have continued to record an impressive demand, which has led to a <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">significant accumulation</a> of BTC by the fund issuers. Interestingly, <a href="https://bitcoinist.com/expert-forecasts-bitcoin-swift-rise-to-1-million/" rel="nofollow">Bitcoin maximalist Samson Mow</a> recently argued that BTC would have been down as much as 20% if not for these ETFs.&nbsp; 
Meanwhile, Trading firm QCP Capital shares similar sentiments with Matrixport as they noted in a previous report how Bitcoin could rise to as high as $69,000 thanks to these Spot Bitcoin ETFs. Then, they <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etfs-ath/">stated</a> that BTC revisiting its all-time high (ATH) will depend on the “genuine flow the actual ETF will bring in the first few weeks of trading.” 
The Spot Bitcoin ETFs have not disappointed, <a href="https://bitcoinist.com/evaluating-performance-bitcoin-etfs-since-launch/" rel="nofollow">recording</a> $2.8 billion in net inflows during the first 21 trading days. Bitcoinist also <a href="https://bitcoinist.com/bitcoin-etfs-record-2-2-billion-inflow-in-past-week/" rel="nofollow">reported</a> how these funds saw $2.2 billion in inflows last week.&nbsp; 
<h2 id="other-catalysts-that-will-contribute-to-bitcoin-s-rise-to-63-000">Other Catalysts That Will Contribute To Bitcoin’s Rise To $63,000</h2> 
Matrixport also mentioned the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">Bitcoin Halving</a>, interest rate decisions, and the US presidential election as factors that could make BTC rise to $63,000. The Bitcoin Halving, expected to take place in April, <a href="https://www.newsbtc.com/news/bitcoin/when-bitcoin-price-170000/#:~:text=When%20Bitcoin's%20Price%20Will%20Hit,months%20after%20the%20Halving%20event.">continues to be projected</a> as an event that could cause Bitcoin’s price to increase exponentially.&nbsp; 
In Matrixport’s case, they expect that the hopium around the event will cause BTC to rise to $63,000 even before it occurs. It is not uncommon for the flagship crypto token to get priced in ahead of a much-anticipated event like the Bitcoin Halving. Moreover, Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-100000-cardano-dead/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.">historically</a> makes significant gains pre-halving.&nbsp; 
Furthermore, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much this could impact Bitcoin’s rise to $63,000, considering that the <a href="https://www.federalreserve.gov/monetarypolicy/fomcminutes20240131.htm" rel="nofollow">Fed’s minutes</a> showed they are still cautious about cutting rates too quickly (at least not as soon as March). 
Matrixport also stated that the <a href="https://www.newsbtc.com/bitcoin-news/former-sec-lawyer-spot-bitcoin-etf/">US presidential election</a> could influence Bitcoin’s price. Just like the interest rate decision, it is unlikely that the election, slated for November 2024, will impact Bitcoin’s trajectory in the short term.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/I6aBd6wY/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

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