Bitcoin (BTC) Set to Cross Yearly High By March, Report States

• The MACD turned negative, suggesting bearish momentum for BTC.
• A close above the $52,051 resistance could trigger a 26% Bitcoin rally.
• The report stated that interest rate cuts, alongside other factors, could drive BTC to $63,000.

According to a report released by Matrixport, Bitcoin’s (BTC) price could hit $63,000 by March 2024. It is important to note that the digital asset management firm did not conclude without some reasons.

In the report, Matrixport stated that there were underlying factors that could drive BTC higher than it currently is. One of the catalysts stated includes the approval of the spot Bitcoin ETF. Others were the potential interest rate cuts by the FOMC, the upcoming Bitcoin halving, and the 2024 U.S. presidential elections.

Bitcoin to Fall First

Bitcoin’s price at press time was $51,043. Therefore, Matrixport’s prediction meant that the coin could add another 26% before halving. From a technical point of view, BTC’s price could slip below $51,000 in the short term.

This was because the Moving Average Convergence Divergence (MACD) had fallen into the negative region. This decline implies increasing bearish momentum, wh…

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