Bitcoin has surpassed the initial $70,000 target set at the beginning of the year, and according to Matrixport’s latest projection, it may continue climbing toward the end of the year. Experts suggest that the upcoming U.S. presidential election could serve as a positive catalyst for the markets, potentially driving prices even higher, especially with the growing investor demand for spot Bitcoin ETFs.
U.S. Elections and ETF Demand Driving Price Gains
Matrixport’s analysis highlights the U.S. presidential election as a strong momentum driver for Bitcoin. Election periods often lead to market fluctuations, with investors seeking safe-haven assets, thus boosting interest in Bitcoin. Meanwhile, the robust demand for spot ETFs plays a crucial role in this upward trend, as investors increasingly prefer long-term positions through these ETFs, supporting a sustained upward price movement.
Institutional Investments Fueling Rally Expectations
With the rising popularity of spot Bitcoin ETFs, many institutional investors are expected to disclose their Bitcoin positions in upcoming 13F reports. Matrixport’s report suggests that long-only investors focused solely on long-term holdings could fuel further demand for Bitcoin, potentially sustaining a rally through year-end.
Bitcoin’s recent strong performance has drawn significant attention in global markets. Factors such as the U.S. election and increasing ETF demand indicate that the leading cryptocurrency could continue appreciating until year-end.
Currently, Bitcoin is trading at $70,975, up 3.82% in the last 24 hours. Experts predict that it could surpass its all-time high of $73,750 this week, reflecting a promising outlook. Dey There will continue to track these developments closely as Bitcoin aims for new milestones.
Bitcoin, U.S. election, spot Bitcoin ETFs, Matrixport, institutional investors
