TechFlow news, Matrixport has released a new report stating that BTC reaching its target of $63,000 in March 2024 is achievable.
Matrixport noted that historical data shows Bitcoin prices typically rebound during halving events. Catalysts for Bitcoin include:
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Approval of Bitcoin spot ETFs: These funds have already attracted $10 billion in inflows. As more investors integrate Bitcoin into traditional portfolios, ongoing marketing efforts by ETF issuers will continue to support Bitcoin's price.
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Bitcoin halving: Measured from two months prior to the event, Bitcoin prices have historically risen over 32% during previous halvings.
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Interest rate cut expectations following the Federal Reserve's FOMC meeting: The Fed may officially begin cutting rates two weeks after the June FOMC meeting, potentially marking the first rate cut.
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U.S. presidential election: Bitcoin has tended to rise during election years, with an average return of +192%.
