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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jan 26, 2024 12:58 UTC
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Bitcoin Price Braces for Dip: Matrixport Predicts $36K After Grayscale’s Big Move
Bitcoin dipped below $40k but recovered, Matrixport predicts temporary dip to $36,739 before rebound.
Grayscale moved 103,134 BTC to Coinbase Prime after spot ETF approval, sparking speculation.
Matrixport revised earlier $50k prediction, raising caution despite ETF approval.
The entire crypto market is in a split right now as the king crypto grapples with the looming specter of ETF uncertainties. Bitcoin witnessed a turbulent week, sliding below $40,000 for the first time since December, hitting a low of $38,680 on January 23, 2024. However, in a commendable recovery, Bitcoin has bounced back, currently standing at $40,070 with a 0.3% increase over the past 24 hours. Amidst this market frenzy, Matrixport’s research provides noteworthy insights.
Here’s what they have to say.
Matrixport’s Predictions
Matrixport’s latest research, unveiled on January 26, projects a temporary dip for Bitcoin, anticipating a support level of $36,739. Despite TradeFi’s cautious stance on a Bitcoin spot ETF and GBTC investors capitalizing on profits, Matrixport contends that the market’s liquidity constraints and macroeconomic factors set the stage for a rebound from this pivotal support level.
In a contrasting viewpoint, Matrixport’s research, highlighted by crypto journalist Colin Wu, introduces a divergent perspective. Wu reports that Matrixport challenges the prevailing narrative, foreseeing a dip to $36,739 for Bitcoin. The report attributes this potential correction to TradeFi’s reserved approach to Bitcoin spot ETFs and the ongoing profit-taking trend among GBTC investors.
Meanwhile, Grayscale, having secured approval for spot-based Bitcoin ETFs, strategically moved a significant 103,134 BTC ($4.23 billion) to Coinbase Prime, eliciting varied reactions within the community.
This Might Interest You: Weekly Spot Bitcoin ETF Report: Insights After Its First Trading Week
Turning to Grayscale
Amidst the ETF approval excitement, Grayscale, a prominent crypto asset manager, tactically adjusted its position. According to data from lookonchain, Grayscale transferred a substantial 103,134 BTC ($4.23 billion) to the custodial platform post-approval, with 9,434 BTC marking the most significant move of the week.
Tracing Bitcoin’s Journey
Matrixport’s earlier prediction of a Bitcoin surge to $50,000 post-SEC approval of Bitcoin spot ETFs on January 10 stirred discussions. Despite the approval, Bitcoin currently stands at $40,000, defying Matrixport’s initial optimism. The revised forecast urges caution, suggesting a potential dip to $36,739 before a subsequent ascent.
Also Read: Bitcoin (BTC) Price Can Hit $50K Level Anytime Soon
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