• Crypto services provider Matrixport predicts Bitcoin to hit $125k by the end of 2024.
• Bitcoin has already touched its bottom after rallying to the $31k level last month.
• Matrixport’s forecast is based on its data that indicates a multi-month bull market.
Matrixport Predicts Bitcoin To Reach $125K By 2024
Crypto services provider Matrixport believes that Bitcoin could rally as high as $125,000 by the end of 2024. The crypto services provider points out that Bitcoin has already touched its bottom after rallying to the $31k level last month and could hit $125k by the end of next year.
Matrixport’s forecast is based on its data that indicates a multi-month bull market, resulting in a massive rise in the market value of Bitcoin and other leading cryptocurrencies. According to Markus Thielen, head of research and strategy at Matrixport, “On June 22, 2023, bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets.“ If this holds true then it would lift prices to $65,539 in twelve months and $125,731 over eighteen months.
Bitcoin Surges By 50% YTD
Bitcoin has surged by more than 50% since the start of 2021 with prices now at $31,192 per coin. This surge coincides with the fourth halving which will take place in March/April 2024 reducing new coins paid per block from 6.5 BTC to 3.25 BTC.
2012 Signal & 5285% Price Rise In 2013
Thielen also described 2012’s signal and subsequent 5285% price rise in 2013 as an unusual bull market indicating that similar returns are possible again over this time period if history repeats itself once more.
All signals point towards further growth for Bitcoin over this time period with some reports even suggesting we could see prices reach as high as 125K before 2025 arrives!