TechFlow news, Matrixport released a research report stating that the SEC is expected to approve spot Bitcoin ETFs in January, which could push Bitcoin's price above $50,000 by the end of January 2024.
Although a consolidation period from December 8 to year-end was previously anticipated, Matrixport now expects Bitcoin's price could surge. Historically, Bitcoin has gradually risen +3% from Christmas to New Year's Day (December 24 to December 31). Several significant exceptions show substantial gains—Bitcoin rose sharply in three cases (2011, 2013, and 2020), sometimes as high as +22%.
As is typical with ETFs, multiple applicants have begun launching television advertisements, which will continue to support Bitcoin’s price. These TV ads are expected to intensify during the Christmas season as companies race for dominance in the ETF space. This also implies a strong likelihood of Bitcoin breaking higher over Christmas, and if spot Bitcoin ETFs are approved at that time, Matrixport firmly believes Bitcoin will reach $50,000.
