According to Matrixport research, Bitcoin tokens are expected to rally. On August 23, 2024, the report went public, highlighting several factors that could potentially play a crucial role. This included macroeconomic factors like a shift in assets, including, but not limited to, oil, gold, and Treasury bonds along with the US Dollar. It has also considered the ongoing political scenario in the US, where Kamala Harris has taken a front seat after Joe Biden dropped out of the race citing health reasons.
What has attracted the majority of the attention is the decision to cut rates. The Federal Reserve, in its recent media interaction, hinted that there could be a cut of 25 bps in September 2024. When asked if a 50 bps cut was possible, the Federal Reserve downplayed that and stayed strong on its original decision. Notably, it is not a confirmed development, and it is ideal to wait for the official announcement.
Assuming a rate cut does happen, it will increase borrowing power and allow investors to expand their risk appetite. Higher liquidity will benefit multiple risky investments. Investors would want to divert a portion of their holdings to something that yields higher returns, even if it carries high risks. Bitcoin has been identified as a prime beneficiary.
BTC is a flagship cryptocurrency that often leads the charge, whether it is for a bull run or a bear run. In fact, the token is even associated with the potential to alter the trajectory of the entire ecosystem due to its market capitalization dominance of over 50%.
Bitcoin tokens are currently down by 0.97% in the last 24 hours. At press time, they are trading at $61,742.80. Speculation is that it will soon surpass the milestone of $74,000, thereby paving the way for a new high of around $84,000 in the next 30 days. A jump to $84,000 will be a surge of almost 38.09% in a month.
It aligns with the prediction that 2024 will end at $100k. Many analysts have stated an alternative possibility where BTC reaches $150,000 by the end of December this year. To sum up, the prediction made by Matixport provides a solid foundation for these projections.
BTC is also experiencing an uptick as a result of halving events. Once the token has passed the 250-day time duration, there should be a trend that supports significant gains. That may be far away, but simply anticipating would help to create that trend in advance.
Bitcoin is also making gains with the Spot Bitcoin ETF, which officially had its sixth consecutive day of net inflow as of August 22, 2024. IBIT delivered on its commitment despite Grayscale’s selling pressure with outflows.
All in all, Matrixport is now another report that backs the upward trajectory for Bitcoin ($BTC).