Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says

Scott Matherson

Last Updated: June 11, 2024 7:57 am

3 mins read

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Bitcoin saw an incredible month in February, adding over $18,000 to its value in a single month. This outperformance has now carried on into the month of March, which has seen the Bitcoin price cross the $65,000 mark for the first time since 2021. As BTC trades in the green, expectations remain that the performance will continue.

Bitcoin Shows Strong Fundamentals

In a new report shared with NewsBTC via email, the head of research at Matrixport, Markus Thielen, put forward that the Bitcoin price was headed for another all-time high this week. This report highlighted the BTC price performance over the last year, as well as in February, in which the price rose a total of $18,615 in a single month. Additionally, the analyst pointed out that despite the slowdown in Bitcoin Spot ETFs that were seen toward the end of February, it hasn’t affected BTC’s bullishness by much.

The crypto analyst explains that institutional buying is not just happening in the United States either. There has also been a large uptick in buying volume across other countries, including the likes of Korea where volumes have reached near $8 billion for five consecutive days. Interestingly, the buying is not just limited to Bitcoin either as there are also inflows into altcoins and meme coins.

Furthermore, the anticipation of Hong Kong launching its own Spot Bitcoin ETF, as well as BlackRock taking the plunge and launching a Bitcoin ETF in Brazil, also proves that there is a lot of demand. So despite the decreased inflows that were seen last week, Thielen explains that if Grayscale’s outflows keep dropping, reaching between $0-$100 million, then he expects further rally for the Bitcoin price.

Thielen also pointed out that the Untied States debt is growing exponentially and Bitcoin now offers better macro upside compared to gold. This plays into the bullish potential of BTC going forth.

“ Previously we have shown that 30-40% of the Bitcoin ETF inflows appear to come out of Gold ETFs and with $80bn of assets-under-management, those re-allocation flows can continue. We have also shown numerous times that Bitcoin has become a better macro asset than Gold as Bitcoin’s reaction function towards changes in interest rate expectations, announcement of wars/conflicts, etc., has become superior (we backtested this).”

BTC Price Headed For New All-Time High

Among the factors driving the Bitcoin price identified by the analyst was a significant decrease in the amount of over-the-counter (OTC) BTC available for large institutions. Spot Bitcoin issuers such as BlackRock tend to utilize these OTC desks for purchases in order to reduce the impact of their buying on the price. However, these OTC sellers have reported that their balances have dropped 80% in the last year from around 10,000 BTC to less than 2,000 BTC.

Thielen also points out that the same trend is seen in exchanges where balances have declined across trading platforms such as Binance and Coinbase. Both of these, which are currently the Bitcoin trading powerhouses of the world, saw a total of 48,000 BTC leave their balances in a month.

Given these developments, the crypto analyst explains that investors are not price-sensitive at this time. So, the expectation for this week is that Bitcoin makes a new all-time high. If this happens, then the market could see BTC tap $70,000 this week.

BTC price surpasses $65,000 | Source: BTCUSD on Tradingview.com

Featured image from Capital.com, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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