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Matrixport believes Bitcoin could rise to $125,000 by the end of next year.
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Cryptocurrency service providers say bitcoin has already bottomed out after rising to $31,000 levels last month.
Bitcoin could reach $125,000 by the end of next year
Bitcoin, the world’s leading cryptocurrency by market capitalization, is up more than 50% year-to-date. However, some market experts believe that Bitcoin could rise further in the next 12-18 months.
Cryptocurrency service provider Matrixport believes Bitcoin could rise to $125,000 by the end of 2024.
Matrixport’s forecast is based on data showing a multi-month bull market that will result in a significant increase in the market value of Bitcoin and other major cryptocurrencies.
According to Matrixport, Bitcoin’s reaching the $31,000 level marks the end of the bear market.
Markus Thielen, Head of Research Strategy at Matrixport, said in an interview with CoinDesk:
“On June 22, 2023, Bitcoin hit a one-year high. This signal has historically signaled the end of a bear market and the beginning of a new crypto bull market. As a reference, Bitcoin price could rise +123% in 12 months and +310% in 18 months based on the average returns of signals that occurred in 2015, 2019 and 2020. Then the price will rise to $65,539 in 12 years, $125,731 in 18 months.”
Thielen described the 2012 signal and subsequent 5,285% price increase in 2013 as an unusual bull market.
Bitcoin is up 50% year-to-date
Bitcoin has surged more than 50% since the beginning of the year. Trading for the year just started around the $15,000 level. Bitcoin price It is currently $31,192 per coin.
Matriport’s forecast is in line with the fourth-quarter halving. The next halving will reduce the amount of new coins paid per block from 6.5 BTC to 3.25 BTC and will take place in March or April 2024.
