Crypto services provider Matrixport, one of the few firms to go bull in Bitcoin (BTC) late last year, now expects the leading cryptocurrency to hit $125,000 by the end of 2024.
Bitcoin Could Rise To $125K By The End Of 2024
This forecast is consistent with Bitcoin’s trend of making sharp gains in the months following the mining reward halving. The fourth halving will occur early next year.
This forecast is based on data showing that a long-term bull market has emerged that includes a rapid rise in market value after prices confirmed the end of a bear market.
This comes as a 12-month high for the first time in at least a year.
This signal was triggered late last month after prices broke above $31,000, the highest level since June 2022.
Earlier signals occurred in August 2012, December 2015, May 2019 and August 2020, with prices rising in subsequent years.
“On June 22, 2023, Bitcoin reached a one-year high for the first time in a year.
Markus Thielen, head of research and strategy at Matrixport, said in a report that this signal historically marks the end of bear markets and the beginning of new crypto bull markets.
“If history is any guide, Bitcoin prices could rise by +123% in twelve months and +310% in eighteen months, based on the average return on signals triggered in 2015, 2019 and 2020.
That could push prices up to $65,539 in twelve months and $125,731 in eighteen months,” Thielen added.
*Not investment advice.