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Bitcoin could hit $50K by the end of the week: Matrixport report
Bitmain co-founder Jihan Wu's crypto investment management company Matrixport has published a new report in which it makes a $50,000 price prediction for January. In particular, the company said it expects a rally that will "leave investors in the back corner."
In fact, this rally seems to have come hours before the opening of the US markets. Bitcoin rose to $ 45,500 with the rally it started overnight today. US markets open at 17:30 CET. Therefore, along with the rally in Bitcoin, sharp rises can be seen in the shares of many cryptocurrency-oriented companies.
"They may not be able to find Bitcoin to buy"
Matrixport also highlighted what is known as a supply shock in Bitcoin, stating that Bitcoins withdrawn from exchanges to cold wallets, especially after the FTX crisis, could cause problems for those who want to buy:
"An upward trajectory can also bring a risk. Fiat money of around $5-10 billion may not be able to find Bitcoin to buy in order to enter Bitcoin ETFs. The crises in 2022, especially FTX, have seriously increased investors' awareness of cold wallets. Bitcoin, which is at more than 70%, has been sitting dormant in cold wallets for months."
"Bitcoin price could surprise anyone"
Stating that Bitcoin mining companies are also waiting for the reward halving period, the company stated that they are also not selling, so this situation may strengthen the supply shock:
"Bitcoin mining companies are uncompromising about the expected reward halving for April 2024. They don't tend to sell. This could be another reason for the supply shortage. Sometimes such situations are also seen in commodity markets. The result, in turn, is a huge increase in prices. Therefore, Bitcoin price action this year may surprise everyone."
"50k can be seen by the end of this week"
In the report, which stated that the futures markets could move the Bitcoin price to 50 thousand dollars, an assertive comment was made that this price level could be seen by the end of this week.
Published: January 2, 2024 10:04 am