Matrixport doubles down on $45K Bitcoin year-end prediction
Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that Bitcoin (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 prediction in a blog post on Oct. 24.
Titled “Bitcoin 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 Boom: Institutions Fueling the Price Surge” report from September 2023, which has so far successfully predicted significant action on the Bitcoin market in October.
The firm predicted that October would be a strong month for Bitcoin 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, with average returns of 20%.
Related: Galaxy predicts 74% Bitcoin price increase first year after ETF launch
After starting October at around $27,000, Bitcoin 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 is trading at $34,396, up 27% from its price on Oct. 1, according to data from CoinGecko.
In the report, Matrixport also emphasized that Bitcoin’s breakout above July’s $31,500 shows that $45,000 is achievable by year-end, adding:
Matrixport first mentioned the $45,000 Bitcoin prediction in its bullish 2023 report published in January 2023. “There is a high statistical probability that Bitcoin prices could double from here
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