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US institutions were likely late to January bitcoin rally (), who has seen cryptocurrency win over 38%, and outperformance at the beginning of the year tends to be bullish for the cost of the chip, crypto matrixport service provider said in a report Wednesday's search.
In five of Bitcoin's six-year rally in January, the cryptocurrency ended the year with positive returns. On average, the gain the remainder of the year was over 245%, wrote markus thielen, head of research.
The only year that Bitcoin went down after a strong January was 2014, when prices had just spiked from the bull market, the note said.
Matrixport says the driver of the 2023 bull market could be the expected March 2024 bitcoin halving cycle, when the amount of the cryptocurrency entering the system every 10 minutes drops by 50%. As a result, there is a strong statistical likelihood that the Bitcoin price could double from here until the end of the year, the report said.
This means that the price of bitcoin could be as high as $45,000 by Christmas, the report added.
