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:
“While our prediction might have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.”
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 until year end. This could bring Bitcoin prices to $45,000 by Christmas 2023,” the firm wrote at the time.
Some analysts haven’t been too optimistic about Bitcoin’s price in 2023 though. In December 2022, Standard’s Chartered global research head and chief strategist predicted that Bitcoin would drop to as low as $5,000 in 2023. Bitcoin’s lowest value so far this year was about $16,600.
Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis
