Matrixport Predicts Bitcoin’s Potential Surge to $125,000 by 2024
In a recent report, Matrixport, a cryptocurrency service agency, has predicted a potential surge in Bitcoin’s value, projecting it to reach a high of $125,000 by the end of 2024. The company’s optimistic outlook is based on Bitcoin’s recent achievement of surpassing the $31,000 mark, which has historically signaled the end of bear markets and the beginning of new crypto bull markets. Drawing on historical data, Matrixport’s head of research and strategy, Marcus Thielen, estimates that Bitcoin could experience a 123% increase over the next 12 months and an impressive 310% increase over the following 18 months.
The basis for Matrixport’s bullish signal lies in Bitcoin’s recent one-year high on June 22, 2023. Thielen emphasized the significance of this milestone, indicating a potentially positive trend in the market. According to the company’s analysis, if the pattern holds, Bitcoin could reach $65,539 within the next 12 months and climb even higher to $125,731 within 18 months.
Matrixport’s outlook is in line with Bitcoin’s historical trends following halving events. The upcoming Bitcoin halving scheduled for the coming spring is expected to trigger significant growth in the following 12 to 18 months. By referencing similar bullish signals observed in 2015, 2019, and 2020, Matrixport highlights the potential for Bitcoin’s value to surge in the near future.
While acknowledging Bitcoin’s extraordinary rise of 5,285% in 2013 following a bullish signal in 2012, Matrixport dismisses it as an “epic, out of balance” bull market. The company’s focus is primarily on recent and comparable bullish signals that better reflect the current state of the cryptocurrency market.
Matrixport’s bullish prediction for Bitcoin’s future value has garnered attention within the cryptocurrency community. If their forecast proves accurate, it would reinforce Bitcoin’s status as a reliable long-term investment option. Moreover, the projected growth could attract new participants to the cryptocurrency market and stimulate the development of innovative applications and services.
However, it is crucial to remember that cryptocurrencies are subject to significant volatility and market unpredictability. While Matrixport’s analysis and historical data provide a basis for optimism, investment decisions should be made with caution. Only time will reveal whether Matrixport’s bullish outlook will materialize, but the potential growth of Bitcoin continues to captivate the interest of cryptocurrency enthusiasts.
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