Matrixport, a digital asset financial service platform, predicts that the price of Bitcoin will reach $50,000 by the end of January 2024. This projection is based on the expectation that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF in January, which would lead to increased institutional investment in the market. The company draws parallels to the Bitcoin Futures market, which experienced a significant price increase prior to the approval of past ETFs. Despite a bearish market in 2022, there has been a recent uptick in investment and a surge in the price of Bitcoin. The approval of a Bitcoin ETF is seen as an opportunity for billions of dollars to enter the market and drive further growth. Matrixport also predicts a bullish run for Bitcoin in the last week of the year, with the potential for the price to break $50,000 if the ETFs are approved.
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