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Matrixport: Bitcoin Surpasses $50,000 in January
Comparable to the launch of Bitcoin futures on the Chicago Mercantile Exchange
Bitcoin at the end of the year is not always bearish
Matrixport: Bitcoin Surpasses $50,000 in January
Matrixport
A tweet suggests that the SEC is expected to approve a Bitcoin spot ETF in January and is optimistic that the price of BTC will exceed $50,000 by then.
The article mentions that many investors have already positioned themselves in Bitcoin mining or related cryptocurrency stocks in advance.
Comparable to the launch of Bitcoin futures on the Chicago Mercantile Exchange
Similar to a historical event, the Chicago Mercantile Exchange introduced Bitcoin futures in 2017.
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During the confirmation period before its official launch, BTC rose by over 196% in this six to seven-week window.
BTC Trend in 2017
Bitcoin at the end of the year is not always bearish
Although it was previously expected that BTC would consolidate until the end of the year starting from December 8th, Matrixport has turned bullish.
Matrixport points out that BTC has shown an average increase of 3% during the period from December 24th to December 31st in the past few years, and it has also exhibited an upward trend in 2011, 2013, and 2020.
In addition, ETF issuers Bitwise and Hashdex have released consecutive advertisements to warm up the market. Matrixport believes that these advertisements can continue to support the BTC price and gain significant exposure during the Christmas holiday period, indicating a great opportunity for BTC to rise during the Christmas vacation.
If the Bitcoin spot ETF is approved, Matrixport firmly believes that BTC will reach $50,000 in January.
CME
Matrixport
Bitcoin spot ETF
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