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Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that Bitcoin (BTC<\/a>) will hit $45,000 by the end of 2023.<\/p>\n After first setting its 2023-year-end BTC price target at $45,000 in early 2023, Matrixport reiterated its bold Bitcoin prediction in a blog post on Oct. 24.<\/p>\n Titled \u201cBitcoin Targets $45,000 \u2014 FOMO Is Hitting the Market,\u201d the blog post provides a brief analysis of Matrixport\u2019s previous market forecasts, noting that the firm successfully predicted several market events.<\/p>\n Matrixport specifically cited<\/a> its \u201cOctober Ignites a Bitcoin Boom: Institutions Fueling the Price Surge\u201d report from September 2023, which has so far successfully predicted significant action on the Bitcoin market in October.<\/p>\n The firm predicted that October would be a strong month for Bitcoin due to excitement around potential approvals of a spot BTC exchange-traded fund (ETF). The firm also pointed out that October has historically been the strongest month for Bitcoin with average returns of 20%.<\/p>\n Related: <\/em><\/strong>Galaxy predicts 74% Bitcoin price increase first year after ETF launch<\/em><\/strong><\/a><\/p>\n After starting October at around $27,000, Bitcoin briefly touched $35,000<\/a> on Oct. 24, hitting 17-month highs and triggering the fear of missing out among investors<\/a>. At the time of writing, Bitcoin is trading at $34,396, up 27% from its price on Oct. 1, according<\/a> to data from CoinGecko.<\/p>\n In the report, Matrixport also emphasized that Bitcoin\u2019s breakout above July\u2019s $31,500 shows that $45,000 is achievable by year-end, adding:<\/p>\n \u201cWhile our prediction might have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.\u201d<\/p><\/blockquote>\n Matrixport first mentioned the $45,000 Bitcoin prediction in its bullish 2023 report published<\/a> in January 2023. \u201cThere is a high statistical probability that Bitcoin prices could double from here until year end. This could bring Bitcoin prices to $45,000 by Christmas 2023,\u201d the firm wrote at the time.<\/p>\n Some analysts haven\u2019t been too optimistic about Bitcoin\u2019s price in 2023 though. In December 2022, Standard\u2019s Chartered global research head and chief strategist predicted that Bitcoin would drop to as low as $5,000<\/a> in 2023. Bitcoin\u2019s lowest value so far this year was about $16,600.<\/p>\n