Matrixport, a crypto services provider, believes that Bitcoin could see an incredible rise of up to $125,000 by the end of 2024. According to their data, Bitcoin has already touched its bottom after rallying to $31,000 last month, and this spike indicates the end of the bear market.
Markus Thielen, head of research and strategy at Matrixport, stated that “On June 22, 2023, bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets. If history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months.”
Bitcoin has already surged by more than 50% since the start of the year, when it was trading at $15,000 per coin. It is now at $31,192 per coin. The next halving will see the reduction in the new coins paid per block to 3.25 BTC from 6.5 BTC and will take place in March/April 2024. This could have a massive impact on the market value of Bitcoin and other cryptocurrencies.
It is clear to see that Matrixport’s forecast is based on historical data, and could be an indication of the incredible potential of Bitcoin. Although it is hard to predict the future, it is clear that Bitcoin has a lot of potential in the coming months and years.
