Crypto services provider Matrixport predicts Bitcoin to reach $125k by the end of 2024

2:08 pm
July 6, 2023

A crypto services provider, Matrixport, has made a prediction that Bitcoin could rally as high as $125,000 by the end of 2024. The company believes that Bitcoin has already hit its bottom after reaching the $31k level last month. Matrixport’s forecast is based on data indicating a multi-month bull market and a significant increase in the market value of Bitcoin and other leading cryptocurrencies.

Bitcoin could hit $125k by the end of next year

Bitcoin, the world’s leading cryptocurrency, has seen a 50% increase since the beginning of the year. However, experts believe that Bitcoin could rally even higher in the next 12-18 months. According to Matrixport, Bitcoin has already reached its bottom after reaching $31k. The company’s head of research and strategy, Markus Thielen, stated that historically, when Bitcoin reaches a one-year high, it signals the end of bear markets and the start of new bull markets. Based on this pattern, Matrixport predicts that Bitcoin could climb by 123% over twelve months and 310% over eighteen months, reaching prices of $65,539 and $125,731, respectively.

Thielen described the 2012 signal and the subsequent 5,285% price rise in 2013 as an unusual bull market. The forecast coincides with the fourth halving of Bitcoin, which is expected to occur in March/April 2024 and will reduce the new coins paid per block to 3.25 BTC from 6.5 BTC.

Bitcoin Surged By 50% Year-to-Date

Bitcoin has experienced a significant surge of more than 50% since the beginning of the year. Starting the year at around $15k, the price of Bitcoin now stands at $31,192 per coin.

FAQs

What is Matrixport?

Matrixport is a crypto services provider that offers a range of financial products and services to its clients, including lending, trading, and custody solutions.

What is the significance of the $31k level for Bitcoin?

According to Matrixport, Bitcoin reaching the $31k level indicated the end of the bear market, suggesting that prices are likely to start rising again.

What is Bitcoin halving?

Bitcoin halving is an event that occurs approximately every four years, where the number of new Bitcoins created and earned by miners is reduced by half. This event is programmed into the Bitcoin protocol and is aimed at limiting the supply of new Bitcoins and controlling inflation.

How does Matrixport make its predictions?

Matrixport makes its predictions based on historical patterns and market analysis. The company analyzes trends in Bitcoin’s price movements and combines this data with various indicators to forecast future price movements.


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