Matrixport Reveals Top 6 Bitcoin, Ethereum And Crypto Predictions For 2024

Jake Simmons

1 year ago

3 mins read

Bitcoin Ethereum crypto predictions 2024

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Matrixport, a leading player in the digital asset space, released a research titled “2024 Unveiled: Six Micro and Macro Events That Will Shape Bitcoin” dated Thursday, November 9, 2023, shedding light on crucial events projected to shape the crypto landscape in 2024. The report highlights a mix of micro and macro events anticipated to positively impact the industry, with a particular focus on Bitcoin.

Top 6 Predictions For Bitcoin And Crypto

First, the report underlines the anticipation of the US Securities and Exchange Commission (SEC) approving a Bitcoin ETF. Notably, the company believes that the approval of the first spot ETFs will take a few more weeks. Matrixport stated, “By January 2024, we anticipate the SEC to approve a Bitcoin ETF, with trading expected to commence by February or March.” This event is viewed as a massive catalyst for increased institutional investment in Bitcoin.

Further, Matrixport points to the potential listing of stablecoin issuer Circle on the stock market by April 2024. This event is seen as a significant step towards mainstream acceptance of digital assets. According to a Bitcoinist report, Circle, the company behind the stablecoin USDC, is contemplating an Initial Public Offering (IPO) in early 2024.

Currently, the company is engaging with consultants to lay the groundwork for this potential public listing, though it remains uncertain whether the IPO will ultimately materialize.

The third prediction of Matrixport concerns FTX, “While the announcement of FTX’s winning bid could occur in December 2023, we project the exchange to be operational by May or June 2024,” the report forecasts. FTX is anticipated to reclaim its position as a top 3 exchange within 12 months, making a strong comeback in the crypto exchange landscape.

Also, the report mentions the interplay of these three events with the Bitcoin halving cycle, suggesting a synergistic effect that could provide momentum into the following year. The halving is expected to take place at the end of April 2024 and could be the most impactful halving of all time. Bitcoin will become the hardest asset in the world as BTC’s inflation rate will fall to half that of gold.

Ethereum And Macro Predictions

As a fifth prediction, Matrixport sees Ethereum’s EIP-4844 upgrade, scheduled for Q1 2024, as a less significant, yet noteworthy event. The report states, “Although seeing this as a significant upside catalyst is challenging, in Q1 2024, Ethereum’s IEP-4844 upgrade is scheduled to take place.”

Furthermore, the potential US Federal Reserve interest rate cut by mid-2024 is mentioned as a macro event that could have a significant impact on the crypto market. “This [Ethereum’s upgrade] also coincides with the potential US Federal Reserve interest rate cut by mid-2024, as market pricing indicates the first rate cut happening in June 2024,” the report elaborates.

The report concludes with an analysis of the short-term Bitcoin price movement. It notes, “Next week’s US CPI data could trigger another rally in Bitcoin if inflation declines again.”

The report forecasts Bitcoin attempting to break out, with a potential to reach up to $45,000 by the end of 2023, catalyzed by a ‘Santa Claus rally’.

At press time, BTC traded at $36,657.

Bitcoin price — BTC retests the upper end of the previous range, 2-hour chart | Source: BTCUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

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