14. April 2024

• Matrixport predicts bitcoin (BTC) price to reach as high as $125,000 by the end of 2024.
• The prediction is based on data that show a multimonth bull market usually follows after prices set a 12-month high for the first time in at least a year.
• Bitcoin recently set a 12-month high for the first time in at least a year, and the fourth halving is due early next year.

Matrixport Predicts Bitcoin Could Rally To $125K By End-2024

Crypto services provider Matrixport expects the leading cryptocurrency, bitcoin (BTC), to rally to as high as $125,000 by the end of 2024. This forecast is based on data which shows that multimonth bull markets occur once prices confirm the end of bear markets by setting a 12-month high for the first time in at least one year. Bitcoin recently achieved this milestone late last month when it topped $31,000, its highest since June 2022.

Previous Signals

Previous signals occurred in August 2012, December 2015, May 2019 and August 2020 with prices rallying in subsequent years. According to Markus Thielen, head of research and strategy at Matrixport “On June 22nd 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 start new crypto bull markets.”

Bitcoin Halving

The fourth halving event is due early next year which will cut new coins paid per block to 3.25 BTC from 6.5 BTC. This event is consistent with bitcoin’s tendency to chalk out sharp gains in months after halving occurs.

Forecast Based On Historical Data

Matrixport’s view is based on historical data showing average returns of signals triggered in 2015, 2019 and 2020 which would lift prices up to $65,539 within twelve months and $125,731 over eighteen months if history repeats itself again this time around.

Conclusion

It remains uncertain whether or not this prediction will hold true but it gives some insight into what could come next for Bitcoin given its bullish momentum so far during 2021 alongside its upcoming halving event early next year.