Matrixport Prediction Bitcoin to Reach 50000 in January Altcoin Season on the Horizon

According to a previous report by Zombit, blockchain data analysis company CryptoQuant believes that the market may experience a “Sell The News” situation, predicting that if a Bitcoin spot ETF is approved in January, the price of Bitcoin may pull back to $32,000. However, Matrixport believes that the approval of the ETF is unlikely to become a Sell The News event, as the approval of the ETF would legitimize Bitcoin as an institutional investment asset class, which can be used as collateral to purchase other assets.