While Bitcoin made a green start to December by rising above $ 38,000 again, an optimistic report regarding the BTC price came from Matrixport.
Matrixport Research analysts stated that they reiterated their predictions for the bull market and said that they expect Bitcoin to be $ 63,140 in April 2024.
Referring to the report in June 2023 that the fifth Bitcoin bull market has officially started, analysts stated that they expect BTC to be $ 125,000 by the end of 2024.
“Given expectations for the continuation of this bull market, we reiterate our predictions that Bitcoin will be at $63,140 by April 2024 and $125,000 by the end of 2024.
Looking at previous bear markets, the 2014 bear market (BTC dropped -58%) was followed by a three-year bull market. Likewise, the bear market of 2018 (BTC dropped -72%) was followed by a three-year bull market.
At this point, following the 2022 bear market (BTC dropped -65%), a simple cycle analysis shows that the fifth bull market will continue for another three years. We think 2023 will be the first year of the fifth bull market. Because Bitcoin has increased by over 123% so far in 2023.
Historically, halving years, when Bitcoin mining rewards are halved, have generally seen an upward trend. Accordingly, there was an increase of +186% in 2012, +126% in 2016 and +297% in 2020.
Additionally, prices have increased overall by +200% over the past year as miners tend to accumulate Bitcoin before each halving. “If this trend occurs again, Bitcoin could reach $125,000 by the end of 2024.”
Matrixport analysts also added that based on the current inflation model, they expect the macro environment to remain a strong headwind for Bitcoin and cryptocurrencies.
Regarding inflation and the FED's interest rate cuts, analysts say “another decline in inflation is expected, which stimulates the FED and the FED will probably initiate interest rate cuts. This will take Bitcoin to new highs in 2024.” said.
*This is not investment advice.
