- Bitcoin bulls continue to stay strong, bringing the price of BTC closer to $35,000, leading a broader crypto market rally.
- According to a report from Matrixport, Bitcoin is already in its 5th bull market, and it expects a significant rally in the price of BTC in the coming months.
- The substantial trading volume in the broader crypto market reflects the purchases made by investors and whales amid Bitcoin ETF expectations.
Publishing its latest evaluations on the Bitcoin price, Matrixport announced that the bull season has begun and shared its current price predictions.
Matrixport: Bull Season Begins in Bitcoin Price
Matrixport has announced that the bull season has begun and shared its current price predictions. The global crypto market cap has risen by 1% in the last 24 hours to $1.27 trillion, with the leading cryptocurrencies Bitcoin and Ethereum rising above $34,000 and $1,800, respectively. Meanwhile, a report published by Matrixport suggests that Bitcoin has the potential to reach $45,000 by 2023 and $125,000 by December 2024.
According to Matrixport’s report, Bitcoin is already in its 5th bull market, and it anticipates a significant rally in the price of BTC in the coming months. This ongoing bull market is supported by institutional adoption.
Matrixport stated that the bull market began in June of this year when BTC reached its annual high. Their analysis shows that BTC’s price will reach $45,000 in 2023. A previous study by Matrixport stated that the approval of the BlackRock Bitcoin ETF would drive the price of Bitcoin to $42,000. Additionally, a $50 billion inflow would push Bitcoin to $56,000.
“Bitcoin’s characteristics traditionally associated with assets like gold and other safe-haven investments like Treasury bonds have led institutions to consider Bitcoin to diversify their asset allocation.”
Matrixport also predicts that the Bitcoin price will reach $125,000 by December 2024, which is more than six months after the Bitcoin halving event. Additionally, October 2022, when it was trading around $17,000, was an excellent time for buying the dip.
The substantial trading volume in the broader crypto market reflects the purchases made by investors and whales amid Bitcoin ETF expectations. While traders and analysts may be waiting for another buying opportunity below $32,000, BTC bulls have maintained a strong position above this level.
Post-Halving Bitcoin Prediction
Standard Chartered predicted that the Bitcoin price could reach $50,000 by the end of this year and exceed $120,000 next year. Binance CEO CZ also forecasted that, based on historical data, a months-long Bitcoin price rally will begin after the Bitcoin halving.
The BTC price is currently trading around $34,260 and has remained relatively flat over the past 24 hours following a significant rally. It had a low and high value of $33,983 and $35,133, respectively, in the last 24 hours. However, trading volume decreased by 20% in the last 24 hours.
