Matrixport Report Predict ‘Higher Crypto Prices in 2024,’ Regardless of Spot Bitcoin ETF Approval

In a recent report from financial services company Matrixport, Senior Analyst Markus Thielen suggests that Bitcoin could experience significant growth in 2024, even if the spot ETF is not approved. 

The report highlights various catalysts, including increased liquidity, the upcoming Bitcoin halving event, and the potential re-election of Donald Trump as U.S. president.

Crypto Gain Without Spot Bitcoin ETF Approval

Back in October, Matrixport analysts predicted Bitcoin could be valued between $42,000 and $56,000 if the U.S. SEC approved a spot bitcoin ETF. But now, their latest report, led by Markus Thielen, suggests Bitcoin and the overall crypto market can grow even without ETF approval.

The report states, “Even if the SEC still disapproves of bitcoin spot ETFs in January 2024, we will likely see higher crypto prices in 2024.” The analysts recommend monitoring the bitcoin dominance chart for potential altcoin rally signals.

Matrixport’s report emphasizes the substantial growth in U.S. money market funds, reaching $6.1 trillion since the beginning of the COVID-19 pandemic. This surge results in an additional $320 billion in annual interest payments, creating a favorable environment for investments in volatile assets such as stocks and cryptocurrencies.

Bitcoin halving event and potential election of Donald Trump

Looking ahead to 2024, it’s a significant year for crypto with Bitcoin experiencing its upcoming halving event scheduled for april, historically leading to a +192% increase in prices. 

Additionally, the report by Matrixport also points out that the potential re-election of Donald Trump could positively impact the U.S. economy, influencing both U.S. stocks and crypto tokens.

Matrixport’s earlier prediction of Bitcoin surpassing the $42,000 mark has already come true, with the leading cryptocurrency  Bitcoin currently trading at $42,634 as per coinpedia report. 

The report also touches upon discussions among Federal Reserve members, including Fed Chair Jerome Powell, about potential rate cuts. In a July report, Matrixport researchers predicted that BTC could reach $125,000 per coin by the end of 2024.