Posted 12/8/2023, 5:30:00 AM
Bitcoin Price Rally to $45K Likely, Outpacing Other Cryptos Due to Macro Factors and Investor Psychology
- Matrixport predicted in February that bitcoin would reach $45,000 by end of 2022, which is likely to come true
- They say bitcoin price moves are not random but driven by crowd psychology and macro factors
- Bitcoin has rallied 164% YTD, significantly more than ether's 99% gain, due to issues with crypto lending platforms
- Retail investors struggled to buy altcoins, so rally focused more on bitcoin
- Key question is how bitcoin will respond to potential approval of a bitcoin ETF by January 15, with 77% chance predicted