Bitcoin Targets $60K, According to Recent Price Prediction
Bitcoin has seen a robust performance, maintaining a stronghold above crucial support levels and surpassing the $38,000 mark.
This surge is buoyed by positive market sentiment, driven by the anticipated introduction of a spot Bitcoin ETF, the accommodating stance of the US Federal Reserve, and the upcoming Bitcoin halving. Investors, both institutional and retail, seem optimistic, reflected in the crypto fear and greed index holding within the 70-74 range.
Projections from Matrixport foresee an upward trajectory for Bitcoin, estimating a climb to $63,140 by April 2024. The analysis attributes this sustained bullish run to various factors, including historical patterns, adjustments in mining rewards, and favorable geopolitical and macroeconomic conditions.
Further optimism prevails as Matrixport maintains a bullish stance, predicting Bitcoin to reach $125,000 by December 2024. This surge is expected to be propelled by heightened institutional adoption following the anticipated Bitcoin halving.
Recent reports from November 22 indicated a high probability, around 80%, of Bitcoin surpassing $38,000 by the end of the month, followed by a 90% probability of reaching $40,000 in December. Notable trading volumes within the broader crypto market signal significant interest from investors and larger market players, coinciding with the buzz surrounding the potential spot Bitcoin ETF.
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Inflation measures, specifically the Personal Consumption Expenditures (PCE) Index and the core PCE, have displayed a cooling trend, currently at 3% and 3.5%, respectively. This hints at the likelihood of the Federal Reserve maintaining an accommodative stance, potentially leading to rate cuts in the near future.
Reports from Bloomberg echo the sentiment, forecasting a high likelihood of Bitcoin hitting $40,000 in December, citing expected adjustments in Fed rates and the potential approval of the spot Bitcoin ETF as contributing factors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
