late last year bitcoin (BTC), crypto services provider Matrixport now expects the leading cryptocurrency to hit as high as $125,000 by the end of 2024.
The forecast is based on data showing the emergence of a multi-month bull market with a meteoric rise in market value after prices confirmed the end of a bear market. It does this by setting a 12-month high for the first time in at least a year.
This signal was triggered late last month after prices broke above $31,000, the highest level since June 2022. Earlier signals occurred in August 2012, December 2015, May 2019 and August 2020, with prices rising in subsequent years.
On June 22, 2023, Bitcoin reached a one-year high for the first time in a year. Markus Thielen, head of research and strategy at Matrixport, said in an interview with CoinDesk that this signal historically marks the end of bear markets and new crypto- He said it marked the beginning of bull markets.
NEWS CONTINUES BELOW“If history is any guide, Bitcoin prices could rise +123% in twelve months and +310% in eighteen months, based on the average return on signals triggered in 2015, 2019 and 2020. This would bring prices to $65,539 in twelve months and $125,731 in eighteen months.
Thielen ignored the signal in 2012 and the 5.285% price increase in 2013, describing it as an “epic, disproportionate” bull market.
Bitcoin is trading at $ 30,700 at the time of writing.
Matrixport’s view is consistent with Bitcoin’s trend to record sharp spikes in the 12-18 months after the mining rewards halving. The fourth halving, which will reduce the amount of new coins paid per block from 6.5 BTC to 3.25 BTC, is expected to take place in March/April next year.
