Bitcoin Price Could Reach $60,000 Before Halving Event: Research Report!

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• The crypto fear and greed index, moving in a narrow range of 70-74, indicates bullish sentiment from both retail and institutional investors.
• Matrixport maintains confidence that Bitcoin will reach $125,000 in December 2024 after the Bitcoin halving.
• The current BTC price, trading at $38,580, has increased by 2% during the last 24 hours amid a massive rally. The 24-hour low and high are $37,531 and $38,855, respectively.

Bitcoin Price Starts December with a Stunning Increase: Matrixport’s latest report reveals how Bitcoin could unfold!

Bitcoin Could See $60,000 Before Halving

Bitcoin bulls have robustly held key support levels to push the BTC price above $38,000. Market sensitivity, along with factors such as the spot Bitcoin ETF, a dovish U.S. Federal Reserve, and the Bitcoin halving, contributes to an environment where bulls generally have a short-term technical advantage.

The crypto fear and greed index, moving in a narrow range of 70-74, indicates bullish sentiment from both retail and institutional investors. As reported on December 1st, Matrixport suggests Bitcoin will reach $63,140 by April 2024, signaling a sustained three-year bull market based on historical trends, mining reward halving, and positive geopolitical and macroeconomic factors.

Matrixport maintains confidence that Bitcoin will reach $125,000 in December 2024 after the Bitcoin halving. The upcoming bull market is expected to be driven by institutional adoption. The “Matrix on Target” report on November 22 stated an 80% probability that Bitcoin would surpass $38,000 by the end of November and a 90% probability that it would rise to $40,000 in December.

The significant trading volumes in the broader crypto market indicate that investors and whales are buying during the frenzy around the spot Bitcoin ETF. The Personal Consumption Expenditures (PCE) Index, the Fed’s preferred measure of inflation, dropped to 3%, and the core PCE dropped to 3.5%. This implies that the Fed will likely maintain a dovish stance and continue to cut interest rates soon.

Bloomberg also reported that due to multiple positive factors, such as expected Fed rate cuts and approval of the spot Bitcoin ETF, there is a high probability of BTC reaching $40,000 in December.

BTC Price Strongly Increasing

The BTC price is currently trading at $38,580, showing a 2% increase during the last 24 hours amid a massive rally. The 24-hour low and high are $37,531 and $38,855, respectively.

MicroStrategy acquired about 16,130 BTC worth approximately $593.3 million at an average unit price of $36,785. MicroStrategy’s CEO, Michael Saylor, continues to demonstrate commitment to the Bitcoin strategy. Crypto analysts still believe in the possibility of a correction before a rally to $40,000, anticipating a potential rally post-Christmas, similar to last year.