Bitcoin Could Reach $125k by End of Next Year, Predicts Matrixport

8:55 pm
October 27, 2023

In a recent report, Matrixport, a crypto services provider, has projected that the price of Bitcoin (BTC) could surge to a high of $125,000 by late 2024. This prediction comes as BTC experiences a rally to $35,000. The approval of a spot Bitcoin ETF is seen as one of the catalysts for this bullish market.

The jump in Bitcoin’s price to over $35,000 is attributed to the anticipation of the spot Bitcoin ETF in the crypto market. If this trend continues, Bitcoin may print its first consecutive weekly green candle since late July/early August, when it reached lows of $24,900 in September. However, BTC has pulled back from the $35,000 level and is currently struggling to stay above $33,500.

Factors Driving Bitcoin’s Price Towards $125,000

While some analysts believe that Bitcoin may retest key support levels, Matrixport’s research report suggests that the flagship cryptocurrency could reach $125,000 by the end of next year. The report identifies institutional interest and potential price catalysts, such as the approval of a spot ETF, as key drivers of this price surge.

Matrixport highlights that Bitcoin is currently in its fifth bull market, marked by institutional interest and a rising price trajectory. The firm points out that this cycle started on June 22, 2023, with a new one-year high, indicating a historically impressive return. They firmly believe that Bitcoin will hit the $125,000 target by December 2024.

This bullish perspective is grounded in the fact that Bitcoin has evolved as a recognized asset class, with investors viewing it as a safe-haven asset similar to gold and Treasury bonds. Institutional investors are increasingly adding Bitcoin to their portfolios to diversify their holdings.

BTC’s current price is considered a potential bargain, given the expected increase in institutional investment. Matrixport analysts suggest that the optimal entry point was in October 2022, when Bitcoin was priced at just $17,000. They conclude that the current narrative is centered around institutional adoption and asset diversification.

FAQs

What is Matrixport?

Matrixport is a crypto services provider known for its research reports and price predictions in the crypto market.

What is a spot Bitcoin ETF?

A spot Bitcoin ETF is an exchange-traded fund that allows investors to buy and sell Bitcoin based on its current market price, known as the spot price. The approval of a spot Bitcoin ETF is seen as a significant catalyst for the Bitcoin market.

What is the significance of Bitcoin reaching $125,000?

Bitcoin reaching $125,000 would represent a significant milestone and a strong bullish sentiment in the market. It would also demonstrate the growing institutional interest and acceptance of Bitcoin as a legitimate asset class.

How can institutional interest impact Bitcoin’s price?

Institutional interest can have a positive impact on Bitcoin’s price as it brings in large amounts of capital and boosts market liquidity. Institutional investors tend to have longer investment horizons, which can help stabilize Bitcoin’s price and drive it higher.

Should I invest in Bitcoin?

Investing in Bitcoin or any other cryptocurrency comes with its own risks and uncertainties. It is important to do thorough research, understand the market dynamics, and consider your own risk tolerance before making any investment decisions.

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