Bitcoin Price Could Reach $45K by Christmas: Matrixport

When bitcoin’s performance is positive in January, the rally tends to continue through to the end of the year, the report said.

AccessTimeIconFeb 1, 2023 at 8:32 a.m. UTC
Updated Feb 2, 2023 at 7:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.S. institutions have probably been behind January’s rally in bitcoin (BTC), when the cryptocurrency gained more than 38%. An outperformance this early in the year tends to be bullish for the token’s price, crypto services provider Matrixport said in a research report Wednesday.

In five of the six years that bitcoin has rallied in January, the cryptocurrency has ended the year with positive returns. On average, the gain the rest of the year has been more than 245%, wrote Markus Thielen, head of research.

The only year when bitcoin declined after a strong January was 2014, when prices had just made a bull-market peak, the note said.

Matrixport says the driver of the 2023 bull market could be the expected March 2024 bitcoin halving cycle, when the amount of the cryptocurrency entering the system every 10 minutes drops by 50%. Therefore, there is a high statistical probability that the bitcoin price could double from here until year end, the report said.

This means the bitcoin price could reach $45,000 by Christmas, the report added.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Author placeholder image

Will Canny is CoinDesk's finance reporter.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.