One of the few companies to turn bullish on Bitcoin (BTC) late last year, cryptocurrency service provider Matrixport expects major cryptocurrency BTC to reach $125,000 by the end of 2024. expected to rise to.
The forecast is based on data that confirms the end of the bear market by hitting a 12-month high for the first time in the year, leading to a multi-month bull market consisting of spikes in market values.
The signal was triggered late last month when the price crossed $31,000, its highest level since June 2022. Previous signals occurred in August 2012, December 2015, May 2019 and August 2020, after which the price moved higher.
“Bitcoin hit a one-year high on June 22, 2023. This signal has historically signaled the end of a bear market and the beginning of a new bull market,” said Matrixport research and strategy. Head Markus Thielen said in a report provided to CoinDesk.
“If history is any guide, bitcoin price could rise +123% in 12 months and +310% in 18 months based on the average returns of signals triggered in 2015, 2019 and 2020. So the price will go up to $65,539 in 12 months and $125,731 in 18 months,” Thielen added.
Thielen ignored the 2012 signal and subsequent 5,285% price rise in 2013, calling it a “too epic to be informative” bull market.
Bitcoin was trading near $30,700 at the time of writing, according to CoinDesk data.
Matrixport’s view is in line with Bitcoin’s tendency to show a sharp upward trend 12 to 18 months after the mining reward halving. The fourth halving, which will reduce the amount of new coins paid per block from 6.5 BTC to 3.25 BTC, will take place from March to April next year.
｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Matrixport
｜Original: Bitcoin Could Rally to $125K by End-2024: Matrixport