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Bitcoin News: In a bold forecast, leading on-chain analytics firm Matrixport said that BTC is poised to hit $160K in the coming days. Notably, this comes as Bitcoin as well as the broader crypto market noted a volatile trading lately. On the other hand, the bullish forecast also allayed some concerns, especially after the hotter-than-anticipated US PPI inflation figures have weighed on the investors’ sentiment recently.
Bitcoin News: Matrixport Predicts BTC to Hit $160K
In recent Bitcoin news, Matrixport has shared a bullish forecast for BTC, sparking market optimism. Notably, the firm noted that the flagship crypto is poised to hit $160K by next year, citing a flurry of positive trends in the market.
Notably, the report has highlighted the growing institutional interest, anticipation over pro-crypto regulation in the US, and other factors, that could support the rally. Besides, the report also recommended allocating 1.55% of a portfolio to BTC for “diversification while maintaining portfolio stability.”
Besides, the report said that the robust inflow into US Spot Bitcoin ETF, the favorable macroeconomic environment, and the expanding global liquidity pool boost the price. For context, the US Spot Bitcoin ETF has continued to record inflow for the 12th consecutive day through December 12. On Thursday, December 12, the investment instrument recorded an influx of $597.5 million, with BlackRock BTC ETF IBIT leading with an inflow of $431.6 million, Farside Investors data showed.
Meanwhile, after Donald Trump announced his intention to make Bitcoin the US Strategic Reserve, the global race toward BTC adoption has also surged. This showcases the growing confidence of the traders towards the flagship crypto, which could further send the asset’s price higher.
Analysts Remain Bullish On BTC Fundamentals
The growing institutional interest along with the race among global leaders to make BTC a strategic reserve has fueled market optimism. Having said that, a flurry of analysts remained optimistic about the flagship crypto. However, it’s worth noting that the latest US PPI inflation data has fueled concerns over a potential pullback ahead.
Notably, the US PPI inflation came in hotter-than-anticipated at 3% in November. This comes after the US CPI also accelerated last month, but it was in tandem with the market forecast. This has fueled discussions over the potential next move of the US Federal Reserve with their rate cut plans.
Despite that, analysts remain optimistic about a continuing bull run for BTC. In a recent X post, CryptoQuant CEO and Founder Ki Young Ju hinted at a potential BTC rally to $145K, echoing a similar sentiment to Matrixport.
On the other hand, another prominent crypto market expert Crypto Rover has set a target of $280K for BTC in this bull run, sparking market optimism. However, BTC price today traded near the flatline but maintained above the $100K level. Notably, the crypto has touched a 24-hour high of $102,524, slightly down from its ATH of $103,900 recorded on December 5.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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