According to Matrixport, Bitcoin would rise close to its current all-time high by April, and hit $125K by end of 2024.
Matrixport’s latest report predicts that the price of Bitcoin (BTC) will hit $125,000 by the end of 2024. The firm’s analysis hinges on a combination of historical data and market trends. These factors indicate the potential for a surge in price for the world’s leading cryptocurrency.
Backed by insights into Bitcoin’s fifth bull market, Matrixport’s prediction adds to many other optimistic projections, emphasizing several factors. These factors include institutional interest, macroeconomic indicators, monetary and geopolitical factors, and approval of spot BTC ETFs.
Matrixport Forecast Uses Historical Bitcoin Patterns
Matrixport’s projection puts Bitcoin at $63,140 by April 2024 and $125,000 by year-end. The report highlights the aftermaths of previous bear markets in 2014 and 2018, followed by a three-year growth period.
Furthermore, the report emphasizes the correlation between Bitcoin’s halving and positive market movements. Historical data reveals substantial increases following halving events in 2012, 2016, and 2020, with prices often rising by up to 200%. This historical trend forms the basis for projecting Bitcoin’s potential climb to $125,000.
Consensus Across the Crypto Sphere Reinforces Optimistic Projections
This optimism resonates across various reports and analyses within the cryptocurrency space, reinforcing the expectation of Bitcoin’s upward momentum and considerable growth potential.
According to Standard Chartered Bank, Bitcoin’s trajectory aligns with expectations, forecasting that Bitcoin could hit $120,000 by the end of 2024. Their analysts anticipate the approval of US-based spot Bitcoin ETFs, foreseeing these approvals arriving earlier than anticipated. They expect these ETFs to gain approval in Q1 2024, highlighting the potential impact allowing for significant institutional investments in BTC and ETH. This sentiment mirrors broader market consensus, reinforcing the optimistic projections for Bitcoin’s trajectory.
Additionally, market analyst and Crypto Capital Venture founder Dan Gambardello weighed in with bullish predictions regarding Bitcoin’s price trajectory. He linked this prediction to the anticipation surrounding the potential approval of a spot Bitcoin ETF.
Gambardello suggested that a sustained bullish period in the short term, pushing the Bitcoin value beyond $38,000, could signal the onset of a legitimate bull market into 2024. Also, he stressed the importance of surpassing this crucial threshold above $38,000 to ensure the continuation of the bullish market sentiment.
Traditional Factors Like Fed Interest Rates to Spur Bitcoin’s Price
Matrixport’s projection of Bitcoin reaching $125,000 by December 2024 is grounded in the importance of timing in Bitcoin investment. It highlights the ideal entry period, pointing to October 2022, when Bitcoin’s value was around $17,000, aligning it with historical halving cycles.
Moreover, the firm highlights macroeconomic trends as influential factors. It believes that a decline in inflation, for instance, could create a favorable environment for cryptocurrencies to thrive. Furthermore, Matrixport predicts potential interest rate cuts by the Federal Reserve, which could propel Bitcoin to new highs in 2024.
Beyond individual analyses, broader market sentiments demonstrate growing interest in cryptocurrencies despite increased regulatory scrutiny. Filings for spot Bitcoin ETFs by major financial entities like BlackRock and Grayscale signal increased institutional attention and investor confidence in digital assets.