The analytical platform Matrixport has published a new report predicting a potential increase in the value of Bitcoin in 2024. Analysts suggest that the price of this cryptocurrency may rise even if spot Bitcoin ETFs are not approved.
Marcus Thilen, an analyst at Matrixport, notes that following the end of the Covid-19 pandemic, the volume of funds in U.S. financial markets doubled from $3 trillion to $6.1 trillion, leading to annual interest payments of approximately $370 billion. According to the expert, these funds could be directed into riskier investments, including digital assets.
Thilen identifies two main factors that could contribute to the increase in the value of Bitcoin: the upcoming halving and the U.S. presidential elections. The halving, which could occur in April 2024, is historically associated with an average increase in the value of Bitcoin by 192%. Additionally, the analyst links the potential increase in the value of Bitcoin to a possible victory of Donald Trump in the elections, which could positively affect the American economy and the crypto segment.
Thilen also states that despite the "high probability" of Trump's election, Gary Gensler from the SEC could remain in office until June 2026. The analyst believes that by that time, spot Bitcoin ETFs will already be approved, and Trump, who recently introduced a new NFT collection, could take additional measures to strengthen the crypto segment.
By the end of 2023, the expert predicts that the price of Bitcoin will reach between $40,000 and $45,000, with the next surge in price expected in January 2024, potentially linked to the approval of Bitcoin ETFs.
