Matrixport has released a report predicting that the price of Bitcoin will surpass $50,000 this month. The bullish trend is attributed to factors such as the potential approval of a Bitcoin Spot ETF, institutional buying momentum, and historical trends. The report suggests that institutional investors will be eager to capitalize on potential rallies, leading to a swift buying flow when trading resumes in 2024. Bitcoin recently surged past the $45,000 mark for the first time since April 2022. Matrixport also speculates on the impending approval of a Bitcoin Spot ETF by the US SEC, dismissing the idea of a 'sell-the-news' event and highlighting the scarcity of available Bitcoin on exchanges. The report also takes into account the upcoming Bitcoin halving cycle in April 2024 and historical trends indicating strong performance during election years.
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