At the time of writing, Bitcoin is trading at $43,153 on CoinMarketCap, down 1.78% over the past 24 hours. Its trading volume is $19.6 billion and the market capitalization reaches $844 billion.
Markus Thielen, head of the research at Matrixport, shared insights on expectations of Bitcoin Exchange-Traded Fund (ETF)’s approval in January 2024, emphasizing that the value of BTC could rise to more than $50,000 by the end of the month.
Since Bitcoin surpassed the $35,000 mark, a lot of predictions have emerged, with many predicting a significant increase in Bitcoin’s value by 2024. Bitwise, a famous cryptocurrency management company, has released 10 predictions for the coming year, suggesting that Bitcoin could rise to $80,000.
Bitwise, a crypto index fund manager, provided 10 predictions for the coming year, suggesting that Bitcoin could rise to $80,000. Similarly, derivatives exchange Bitget predicts Bitcoin could hit $100,000, other predictions offering even higher prices.
Matrixport researcher Markus Thielen detailed that Thielen’s team is expecting the approval of a spot Bitcoin ETF in January: “We are expecting the SEC to approve Bitcoin Spot ETFs in January. This should lift Bitcoin prices above $50,000 by the end of January 2024.”
The company hinted at the bullish window before the approval of past ETFs like the Bitcoin Futures. According to the statement, CME Group’s Bitcoin Futures marked a rapid increase in the asset price leading up to the official announcement. Within six weeks leading to roll out, the assets price surged 196%.
Meanwhile, Changelly’s web portal suggests a modest January 2024 bitcoin value, predicting a minimum of $42,156 and an average of $47,240. However, looking ahead to 2025, Changelly predicts an increase, with a minimum BTC price of $70,001 and an average of $81,359.
Polymarket prediction market is asking whether BTC will reach a new all-time high (ATH) before March 31, 2024. Around 21% of Polymarket bettors believe BTC will reach an ATH on that date, while 81% don’t.
As 2023 ends with Bitcoin’s impressive price increase, the crypto community is buzzing with expectations. Predictions vary, but are generally optimistic, with key events such as the Bitcoin spot ETF and the upcoming halving event that could boost Bitcoin further.