A new report has arrived from the crypto platform Matrixport, known for its analyzes and predictions on the Bitcoin and cryptocurrency markets.
Matrixport, which recently predicted $56,000 for BTC, gave details in its report that will please investors.
Pointing out that at this point, the fifth Bitcoin bull market officially started on June 22, 2023, Matrixport said that each bull cycle is triggered and characterized by different events.
Matrixport stated that the fifth bull market has begun, stating that this bull market appears to be primarily driven by corporate adoption expectations.
“The fifth Bitcoin bull market officially began on June 22, 2023, when Bitcoin reached a new yearly high for the first time in a year.
Historically, Bitcoin has returned +310% on average when this signal has been triggered.
Based on this signal, we predict that Bitcoin could reach $125,000 by December 2024.
The optimal entry point for purchasing Bitcoin was ideally 14-16 months before the next halving event.
Therefore, the end of October 2022 was a perfect entry time with BTC sitting at only $17,000.”
BTC continues to trade at $34,303 at the time of writing.
*This is not investment advice.