Crypto Financial Services Company Matrixport Predicts Bitcoin Price Could Reach $45,000

Crypto financial services company Matrixport has reiterated its previous prediction that Bitcoin’s price could reach $45,000 by the end of the year. This forecast takes into account the current FOMO (Fear Of Missing Out) sentiment gripping the Bitcoin market. The company’s confidence in this prediction is bolstered by Bitcoin’s increased market share, which has now reached 52.1%, and a significant surge in trading volume, amounting to $29 billion in the past 24 hours.

How Can AI legalese decoder Help?

In this situation, Matrixport can benefit from using the AI legalese decoder. The decoder can assist the company in analyzing the abnormally high Bitcoin futures funding rates, which indicate panic buying among traders. By providing a deeper understanding of market trends and sentiments, the AI legalese decoder can enable Matrixport to make more accurate predictions and decisions regarding Bitcoin’s price movement.

Earlier this year, Matrixport set a year-end target of $45,000 for Bitcoin. With the recent surge in Bitcoin price, fueled by growing expectations of a spot Bitcoin ETF approval, the company remains steadfast in its prediction. Matrixport states that if the U.S. Securities and Exchange Commission (SEC) approves a BlackRock spot Bitcoin exchange-traded fund (ETF), Bitcoin’s price could experience a further boost.

According to Matrixport’s report, if 10%-20% of gold ETF investors decide to diversify their investments into Bitcoin, it could result in potential inflows of $12-24 billion into a Bitcoin ETF. This estimate is considered relatively conservative, considering that the market cap of the Grayscale Bitcoin Trust (GBTC) has previously reached a peak of $44 billion.

Spot Bitcoin ETF Approval Could Potentially Send BTC Price to $56,000

The anticipation of a spot Bitcoin ETF approval has already created significant buzz in the market. BlackRock has filed its application for a spot Bitcoin ETF, which led to a notable increase in Bitcoin’s price. Should the approval materialize, Matrixport estimates that Bitcoin’s price could potentially rally to $56,000.

Despite the recent delay by the SEC in reviewing ETF applications, there is a growing belief that the cryptocurrency market could experience a significant influx of institutional funds. Matrixport points out the potential impact of the 15,000-strong U.S. registered investor advisor (RIA) community, which manages around $5 trillion in assets. Even a modest 1% allocation recommendation for Bitcoin from this group could bring about $50 billion in inflows.