Analyst Who Predicted Bitcoin To Reach $45,000 Explains Key Drivers Behind Latest Bull Run | Video

The state of crypto is presented by Tron which connects the world with the power of Cryptocurrency. Matrix Sport expects Bitcoin to climb to $63,000 by April 2024. Why should you care? Well, a month ago they predicted that Bitcoin would reach $45,000. Guess where it is? Yes, it hit about a few days ago. Joining us now to discuss the next step in crypto is Matrix Support Head of Research and Strategy, Marcus Sten. Welcome back, Marcus. Thank you for having me. Glad to see you again. So like I said, a month ago you said $45,000 was imminent. You weren’t kidding? And I was skeptical. So I guess we were all Marcus. Yeah, I was like, ok, yeah, that’s, that’s fine. Enjoy it Marcus. And sure enough here is our 4040 change, we hit 45,000. Um What do you think is driving this bull run? Um And don’t just say I told you so because you told us, but also what are the underlying factors in this latest bull run? Well, if you look at February 1st, there’s actually a coin article where we’ve already predicted 45,000 by December of this year. So we’ve literally been working with this 45,000 level all year. But you know, this year we actually saw four legs or five legs with the latest one of this bull market, right? The first one started in January based on lower inflation numbers. The second one was in March. On the one hand, of course, we found the three banks that were dismantled. Bitcoin is basically a new financial system. Uh Of course we also used b to move a lot of B US D into Bitcoin during this time. Then of course, in June, we had the Blackrock announcement about the potential ETF F. And then I think what people, what a lot of people actually missed in October, when we had a 50 60% rally on the back of strength actually started to turn around. And I think that was actually a big trigger. Um It was only really like the last 23 weeks where people became more confident about the Bitcoin ETF possibly being approved in January. Um But I think it was actually in October when Fetcher Powell turned Dovish that we started having a monster rally and we just really pushed the market. And, you know, we were on top of this. And last time we talked, you know, we also talked about the miners, the miners exploding. So we are really happy now. So, so you, you mentioned the B US D-to-Bitcoin rally and obviously we saw this uh settlement now with uh finance and the US government that uh would cause CZ to uh uh uh spend a few days uh to to get three hots and a bed from, from the federal government. So, um, did that have any, did that play any factor? Do we know of anything uh in terms of movements involving B in in and the price of Bitcoin? Uh ha was there any connection if you will in this latest rally? Some, some people try to argue this way. I mean, I doubt it. I don’t think there’s anybody out there that’s been kind of sitting on the sidelines until basically the, you know, the US government goes after Binance. I don’t think that was the trigger. I mean, the only positive news there was that people were expecting something like 6 to 10 billion uh fines or 4 billion. Sounds much more positive. But I think the most important thing that I haven’t heard anyone talk about is that we’ve seen $7 billion in new market cap in US CT and tires since October. So it just shows there’s a big investor or big investors, institutional investors are sending money to tie, knot and really move money probably from US dollars to crypto and I think that’s a big driver. That’s like $7 billion of fresh money coming in. It’s, you know, much bigger than ETP, which, you know, people try to quote or mention. Um, so, yeah, so I don’t think it’s, it’s the manager. I think the manager is something else. Well, where, where is that source of binding? Where does it come from? Clearly, Tether is notorious for its opacity. But do we have any idea what drove that amount of money to fail? Which I mean, let’s face it, is hardly redeemable if at all, unless you’re, I don’t know, Saman-man is freed, uh who seems to have had some redemption. But other than that, why did we have those bond purchases? This is not to say that it is not an American government that is not an American institutional play. Well, on the one hand, you know, we still have a lot of struggles in China. And as you may know that most bonds issued are actually on the throne, not on this year. So and Tron is obviously, you know, to some extent connected to emerging markets that are connected to China. You know, we’ve heard of course the real estate uh vo is still going on in China, you know, gold prices are also going up, which is also probably linked to China. The PB OC has really started buying gold in the last three or four months. So we would assume that’s probably, you know, the population is also starting to buy gold and probably other assets as well. So I would really think, uh, you know, you look at the market cap of tether, which has really, really taken off since uh since Powell’s speech. So I think there’s somebody in the market who believes that this Darvish flip that you’ve seen from the central bank is really driving a lot of asset inflows. And you know, Bitcoin is a key beneficiary here, but it can, it, I mean, it’s not internal issues that are going on in China, for example, or, or, or what do you have people trying to cash out get and uh, you know, we we do know of some, let’s just say questionable moves in the past involving China and uh and funds and bonding. Yes, of course, we don’t know. Right. We don’t know, but we do know that the market cap is going up. We also know many other historical analyses. For example, when the, when the CME listed the Bitcoin futures in 2017, from the moment they announced it until the futures were actually listed. Bitcoin rose 180%. So, you know, we can assume that the market, uh, uh, uh, the animal spirits are really taking over now where people are kind of just really trying to front off this part as well. But I think it’s really like the mix of really, you know, positive news from the central bank. You know, a lot of money suddenly becomes, you know, free and goes to crypto. Uh and I think it’s something that really happens under the hood without people really noticing. Marcus. We need your comments on this clip. Everyone is talking about Jamie Dimond JP Morgan Chase CEO and Chairman. He was on Capitol Hill yesterday talking about Bitcoin. Let’s listen. I have always been strongly opposed to crypto, Bitcoin and so on. You pointed out the only real use case for it is criminals, drug smugglers, anti-laundering, tax evasion. And it’s a use case uh, because it’s somewhat anonymous, not complete and because you can move money instantly and because it doesn’t go through, as you mentioned, all these systems have built up over many years. No, your customers sanctions. In fact, it is not all bypassed. Me, if I were the government, I’d shut it down. Okay, Marcus, we have those comments from Jamie Dimond who are against uh massive asset managers like black rock rushing into place. Bitcoin ETF. What do you make of it? Well, I think it’s a, it’s a past comment, right? I mean, this comment we heard, you know, 5678 years ago already, you know, from, from Jamie Diamond, you know, we know that JP Morgan was active internally on crypto the last kind of like, you know, 67 years, really, they have their own crypto in-house team. So, you know, I think the banks are just trying to fight back a little bit here, but I think it’s still that this universe is getting bigger and bigger. And I guess we just have to see how crypto evolves. Now. Just before we wrap up, we need to talk about matrix port predictions for next year. Since your 2023 predictions have kind of come true. We have a chart here from your latest report showing Bitcoin hitting 100 and $25,000. Talk to us about what factors went into this forecast. Why do we expect it to reach 125 next year? Yes. So the 30 the 63,000 target is actually from last year at the end of October, which is like the myth that is low and then the projection, you know how it is as played out. And that really put us on a very bullish map this year. You know, the other factor is that in June of this year, for the first time in a year, we had the new one-year high. And historically we’ve seen a 300% increase from there, you know, from that moment. But also if you look at the, the three halving years, 2012, 2016, 2020, the average return is 200%. So where we are now, you know, around 40,000 or 45,000. I think you can really project another, you know, uh 200% from here, which would bring us to 100 and 20,000. I know that sounds kind of optimistic, but I think, uh, we’ll probably make our move to 100,000 next year. Okay, Marcus, I think there are a lot of people watching who really hope the prediction comes true. Thank you very much for joining us. Always a pleasure to have you on the show and happy holidays. Thank you. You too. It was Matrix four, head of research and strategy. Marcus Dunn.