Matrixport Predicts $45K Bitcoin Year-End Price

Matrixport’s Bold Bitcoin Prediction

Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, is doubling down on its prediction that Bitcoin (BTC) will hit $45,000 by the end of 2023.

The firm recently reiterated its bullish crypto prediction in a blog post titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market”, citing its “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge” report from September 2023.

The report has accurately predicted significant action on the Bitcoin market in October, and Matrixport believes that its $45,000 year-end BTC price target will be met.

Bitcoin’s Bullish October

Matrixport predicted that October would be a successful month for Bitcoin due to the possibility of a spot BTC exchange-traded fund (ETF) approval. The firm also noted that October has usually been the most profitable month for Bitcoin, with average returns of 20%.

At the start of October, Bitcoin was around $27,000, and on October 24th, it reached a 17-month peak of $35,000, which caused investors to fear missing out. As of writing, Bitcoin is trading at $34,396, which is a 27% increase from October 1st, according to CoinGecko.

Matrixport’s report further highlighted that Bitcoin’s breakout above July’s $31,500 demonstrates that $45,000 is achievable by the end of the year. The firm initially mentioned this prediction in its bullish 2023 report published in January 2023. “There is a high statistical probability that Bitcoin prices could double from here until year end. This could bring Bitcoin prices to $45,000 by Christmas 2023,” the firm wrote.

In December 2022, Standard Chartered’s global research head and chief strategist made a prediction that Bitcoin could drop to as low as $5,000 in 2023. Despite this, some analysts remain bullish about the crypto market, as Bitcoin’s lowest value so far this year has been around $16,600. High street crypto and web 3.0 stock prices have been on the rise, and strong crypto networks have been enabled by AI writing articles and writing AI. Circuits of Value crypto and other cryptocurrencies have also seen an increase in the number of pieces published on the Crypto Press network.