Key takeaways
-
Matrixport believes that Bitcoin could rally to $125k by the end of next year.
-
The crypto services provider points out that Bitcoin has already touched its bottom after rallying to the $31k level last month.
Bitcoin could hit $125k by the end of next year
Bitcoin, the world’s leading cryptocurrency by market cap, is up by more than 50% since the start of the year. However, some market experts believe that Bitcoin could rally higher over the next 12-18 months.
Crypto services provider Matrixport believes that Bitcoin could rally as high as $125,000 by the end of 2024.
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 Matrixport, Bitcoin reaching the $31k level indicated the end of the bear market.
While speaking with CoinDesk, Markus Thielen, head of research and strategy at Matrixport, stated that
“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 history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months.”
Thielen described the 2012 signal and the subsequent 5,285% price rise in 2013 as an unusual bull market.
Bitcoin Surged By 50% YTD
Bitcoin has surged by more than 50% since the start of the year. It started the year trading just around the $15k level, with the price of Bitcoin now at $31,192 per coin.
Matriport’s forecast will coincide with the fourth halving. The next halving will see the reduction in the new coins paid per block to 3.25 BTC from 6.5 BTC and will take place in March/April 2024.
