Bitcoin May Rise in 2024 Even If Spot Bitcoin ETFs Aren’t Approved: Matrixport Report!

• According to the latest report from Matrixport, the amount of money in US money market funds has increased from $3 trillion to $6.1 trillion since the end of the Covid pandemic.
• The halving is expected to take place in April, and Thielen stated that Bitcoin prices tend to increase by an average of 192% in such years.
• Thielen expects Bitcoin prices to stay between $40,000 and $45,000 in January, before another rally attempt, as traders monitor potential spot Bitcoin ETF approval dates.

According to the latest report from Matrixport, Bitcoin prices may increase even if spot Bitcoin ETFs are not approved in the US: Details of the report!

Bitcoin Price May Increase Even If ETFs Are Not Approved

Matrixport analyst Markus Thielen expects cryptocurrency market prices to rise in 2024 due to increasing liquidity, Bitcoin halving, and the potential re-election of Donald Trump, even if a spot Bitcoin ETF is not approved by the SEC.

Following the Covid pandemic, the amount of money in US money market funds has increased from $3 trillion to $6.1 trillion, as mentioned in Matrixport’s latest report. Thielen stated that this increase represents an amount that can easily flow into riskier investments, especially stocks and crypto, with $370 billion paid in interest annually and approximately $1 billion daily. He also argued that the actual amount of $6.1 trillion could be used to push asset prices higher.

Next year is a Bitcoin halving year, with the block reward being reduced from 6.25 Bitcoin to 3.125 BTC. The halving is expected to take place in April, and Thielen stated that Bitcoin prices tend to increase by an average of 192% in such years.

Thielen also noted that 2024 is a US presidential election year, and he added that former President Donald Trump is highly likely to be re-elected, potentially supporting the US economy, stocks, and crypto prices with his policies.

Effects of Donald Trump

Despite the potential return of a Republican President who could regain control of the White House, Thielen noted that the term of Democrat SEC Chairman Gary Gensler would end in June 2026. Thielen expects a spot Bitcoin ETF to be approved by then, but he said, as a person who launched his NFT collection last year and new “Mugshot Edition” NFT trading cards this week, “he would likely support another initiative that solidifies digital assets as a cornerstone of the economy.”

However, for the remaining weeks of 2023, Thielen expects Bitcoin prices to stay between $40,000 and $45,000 in January, before another rally attempt, as traders monitor potential spot Bitcoin ETF approval dates. Bitcoin is currently trading at $42,652 and has recorded an increase of over 150% since the beginning of the year.