- Matrixport now expects the leading cryptocurrency to rise to as high as $125,000 by the end of 2024.
- In a report, Markus Thielen said, “On June 22, 2023, Bitcoin reached a new yearly high, signaling the end of bear markets and the beginning of a new crypto bull market.”
- The 4th halving event in Bitcoin will reduce the new BTC rewarded per block from 6.5 BTC to 3.25 BTC.
Less than a year remains until the halving event in Bitcoin; according to this report, the Bitcoin price could rise to $125,000 in 2024.
Bitcoin Could Reach $125K by the End of 2024!
Matrixport, a crypto service provider that was one of the few firms predicting a bullish outlook for Bitcoin (BTC) at the end of last year, now expects the leading cryptocurrency to rise as high as $125,000 by the end of 2024.
The prediction is based on data indicating an increase in market value, signaling the emergence of a multi-month bull market, confirmed when prices set a 12-month high for the first time in at least a year, signifying the end of bear markets.
This signal was triggered last month after prices surpassed $31,000, which became the highest level since June 2022. Previous signals occurred in August 2012, December 2015, May 2019, and August 2020, resulting in price increases in the following years.
Markus Thielen, Research and Strategy Head at Matrixport, said in a report, “On June 22, 2023, Bitcoin reached a new yearly high, signaling the end of bear markets and the beginning of a new crypto bull market,” and added:
“Looking back, Bitcoin prices could rise by an average of 123% within twelve months and 310% within eighteen months based on the returns brought by signals triggered in 2015, 2019, and 2020. This would take prices to $65,539 within twelve months and $125,731 within eighteen months.”
Thielen dismissed the 2012 signal and the subsequent 5,285% price increase in 2013 as an “epic, disproportionate” bull market.
Matrixport’s view aligns with Bitcoin’s tendency to experience sharp increases in the 12-18 months following its halving event.
Less Than a Year Until the Halving in Bitcoin
The 4th halving event in Bitcoin will reduce the new BTC rewarded per block from 6.5 BTC to 3.25 BTC, and it is expected to occur in March/April of the coming year.
Bitcoin’s previous halving events have led to bull rallies, and a similar upward movement in 2024 is anticipated by the entire crypto community.
Furthermore, Changpeng “CZ” Zhao, the CEO of the world’s largest cryptocurrency exchange Binance, emphasized the Bitcoin performance during halving years and mentioned that he expects 2025 to be the most likely year for a bull run to occur.
