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Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that Bitcoin (
$75,663.00 ) (BTC) will hit $45,000 by the end of 2023.
After first setting its 2023-year-end BTC price target at $45,000 in early 2023, Matrixport reiterated its bold Bitcoin ( $75,663.00 ) prediction in a blog post on Oct. 24.
Titled “ Bitcoin ( $75,663.00 ) Targets $45,000 — FOMO Is Hitting the Market,” the blog post provides a brief analysis of Matrixport’s previous market forecasts, noting that the firm successfully predicted several market events.
Matrixport specifically cited its “October Ignites a Bitcoin ( $75,663.00 ) Boom: Institutions Fueling the Price Surge” report from September 2023, which has so far successfully predicted significant action on the Bitcoin ( $75,663.00 ) market in October.
The firm predicted that October would be a strong month for Bitcoin ( $75,663.00 ) due to excitement around potential approvals of a spot BTC exchange-traded fund (ETF). The firm also pointed out that October has historically been the strongest month for Bitcoin ( $75,663.00 ) with average returns of 20%.
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After starting October at around $27,000, Bitcoin ( $75,663.00 ) briefly touched $35,000 on Oct. 24, hitting 17-month highs and triggering the fear of missing out among investors. At the time of writing, Bitcoin ( $75,663.00 ) is trading at $34,396, up 27% from its price on Oct. 1, according to data from CoinGecko.
Bitcoin ( $75,663.00 ) 30-day price chart. Source: CoinGecko
In the report, Matrixport also emphasized that Bitcoin ( $75,663.00 ) ’s breakout above July’s $31,500 shows that $45,000 is achievable by year-end, adding:
“While our prediction might have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.”
Matrixport first mentioned the $45,000 Bitcoin ( $75,663.00 ) prediction in its bullish 2023 report published in January 2023. “There is a high statistical probability that Bitcoin ( $75,663.00 ) prices could double from here until year end. This could bring Bitcoin ( $75,663.00 ) prices to $45,000 by Christmas 2023,” the firm wrote at the time.
Some analysts haven’t been too optimistic about Bitcoin ( $75,663.00 ) ’s price in 2023 though. In December 2022, Standard’s Chartered global research head and chief strategist predicted that Bitcoin ( $75,663.00 ) would drop to as low as $5,000 in 2023. Bitcoin ( $75,663.00 ) ’s lowest value so far this year was about $16,600.
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