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 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.
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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.
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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