Matrixport, a cryptocurrency trading company founded by Wu Jihan, co-founder of Bitmain, has reiterated its prediction that Bitcoin will reach $45,000 by the end of the year as predicted at the beginning of 2023.
Matrixport reiterated its bold Bitcoin forecast in a blog post on October 24. Initially establishing its 2023 year-end BTC price target at $45,000 in early 2023, Matrixport reiterated its bold Bitcoin forecast on October 24.
The blog post titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market” provides a brief analysis of Matrixport’s previous market forecasts, noting that the company accurately foretold several market events.
Matrixport specifically referenced its “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge” report from September 2023, which has thus far accurately predicted significant market activity in October for Bitcoin.
The company predicted that October would be a strong month for Bitcoin due to anticipation surrounding the potential approval of an exchange-traded fund (ETF) for spot BTC. The company also noted that historically, October has been the best month for Bitcoin, with average returns of 20%.
After beginning October at around $27,000, Bitcoin momentarily reached $35,000 on October 24, reaching 17-month highs and inciting investor FOMO. According to data from CoinGecko, Bitcoin is currently trading at $34,396, up 27% from its price on October 1.
Matrixport emphasized in its report that Bitcoin’s breakout above $31,500 in July indicates that $45,000 is attainable by the end of the year and added:
“While our prediction might have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.”
In its optimistic 2023 report published in January 2023, Matrixport first mentioned the $45,000 Bitcoin prediction. There is a high statistical likelihood that Bitcoin prices will double between now and the end of the year. This could cause the price of Bitcoin to reach $45,000 by Christmas 2023, the company wrote at the time.
Nevertheless, some analysts are still optimistic about Bitcoin’s price in 2023. In December 2022, the director of global research and chief strategist at Standard’s Chartered predicted that Bitcoin would fall as low as $5,000 in 2023. This year’s lowest Bitcoin price was approximately $16,600.
