It appears that Bitcoin’s well-known end-of-year prediction is coming true

It looks like 2023 has come to stay for Bitcoin (BTC). Matrixport seems to have hit the nail on the head with its expectations. At the beginning of the year, I already set a price target of $45,000. Bitcoin price is only a fraction away from this level. In a new report, Matrixport reflects on the price increase that Bitcoin has seen this year.

Bitcoin glass ball in Matrixport?

The Bitcoin prediction market is known to be unpredictable, with numerous examples of past failures. However, Matrixport appears to be the exception to the rule, as their $45,000 forecast is likely to be met by the end of the year.

It looks like the prediction of February 1st has come true. The price of Bitcoin has risen sharply recently thanks to the expectation that one or more exchange-traded funds will be approved in January. With the current price of around $43,800, Bitcoin is only 2.7 percent away from $45,000.

marcus thelin, Head of Research Department At Matrixport, the different stages of the 2023 Bitcoin rally are highlighted in the report, which is Viewed by CoinDesk. He wrote the following:

“Bitcoin’s 2023 rally has been unfolded in five phases: starting with a response to inflation trends, followed by a response to the banking crisis, a rally triggered by the introduction of BlackRock ETFs, support from shifts in Federal Reserve policy, and finally, developments at the Securities Exchange Commission. and exchanges. Regulations regarding Bitcoin ETFs.”

Thielen emphasizes that bitcoin does not move randomly. “The combination of herd behavior and macro factors is the main driving force. Liquidity and market structure considerations help understand short-term movements.