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Home»Bitcoin»Bitcoin will hit a new all-time high this week, says Matrixport’s head of research
Bitcoin

Bitcoin will hit a new all-time high this week, says Matrixport’s head of research

2024-03-04No Comments4 Mins Read
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Bitcoin had an incredible month in February, adding over $18,000 to its value in one month. This outperformance has now continued into the month of March, with the Bitcoin price crossing the $65,000 mark for the first time since 2021. While BTC is trading in the green, expectations remain that its performance will continue.

Bitcoin shows strong fundamentals

In a new report shared with NewsBTC via email, the head of research at Matrixport, Markus Thielen, stated that the Bitcoin price was on track to hit a new all-time high this week. This report highlighted BTC price performance over the past year, as well as February, which saw the price increase by a total of $18,615 in one month. Furthermore, the analyst pointed out that despite the slowdown in Bitcoin Spot ETFs observed in late February, it has not affected BTC’s bullishness much.

The crypto analyst explains that institutional purchases do not only take place in the United States. There has also been a big increase in purchasing volume in other countries, including Korea, where volumes have reached nearly $8 billion for five consecutive days. Interestingly enough, the buying is not just limited to Bitcoin as there are also inflows into altcoins and meme coins.

Furthermore, the expectation that Hong Kong will launch its own Spot Bitcoin ETF, and that BlackRock will take the plunge and launch a Bitcoin ETF in Brazil, also proves that demand is high. So despite the reduced inflows seen last week, Thielen explains that if Grayscale’s outflows continue to decline and reach between $0 and $100 million, he expects a further increase in the Bitcoin price.

See also  Bitcoin: Spot BTC ETFs Register $4.6 Billion on Day 1, Day 2 Will…

Thielen also pointed out that the national debt is growing exponentially and that Bitcoin now offers a better macro advantage compared to gold. This plays into BTC’s bullish potential.

“We previously showed that 30-40% of Bitcoin ETF inflows appear to be coming from Gold ETFs and with $80 billion in assets under management, these reallocation flows can continue. We have also shown numerous times that Bitcoin has become a better macro asset than gold, as Bitcoin’s reaction to changes in interest rate expectations, war/conflict announcements, etc. has become superior (we have backtested this).

BTC price on its way to a new all-time high

One of the factors identified by the analyst that drove Bitcoin’s price was a significant decrease in the amount of over-the-counter (OTC) BTC available to major institutions. Spot Bitcoin issuers like BlackRock often use these OTC counters for purchases to reduce the impact of their purchases on the price. However, these OTC sellers have reported that their balances have dropped by 80% in the past year, from around 10,000 BTC to less than 2,000 BTC.

Thielen also points out that the same trend can be seen on exchanges where balances have fallen on trading platforms such as Binance and Coinbase. Both, which are currently the Bitcoin trading powerhouses of the world, have had a total of 48,000 BTC disappear from their balances within a month.

Given these developments, the crypto analyst explains that investors are not price sensitive at the moment. So the expectation for this week is that Bitcoin will reach a new all-time high. If this happens, BTC could see $70,000 hit the market this week.

See also  Bitcoin is at Risk of Further Price Drops – Here's Why

Bitcoin price chart from Tradingview.com

BTC price surpasses $65,000 | Source: BTCUSD on Tradingview.com

Featured image from Capital.com, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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