important point

  • Matrixport believes Bitcoin could rise to $125,000 by the end of next year.

  • 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.

By Jules

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