• Matrixport has unveiled an optimistic outlook for the future of Bitcoin, projecting a substantial surge in the leading digital currency and reaching an impressive valuation of $125,000 by the close of 2024.
• According to their analysis, when Bitcoin achieves a 12-month high following a bear market, it often heralds a period of rapid growth. This pattern recently became evident as the Bitcoin price surpassed $31,000, marking its highest value since June 2022.
• Markus Thielen from Matrixport’s research and strategy department highlighted an intriguing trend that on June 22, 2023 Bitcoin reached a new one-year high signaling the end of bear markets and start of bullish ones.
Matrixport’s Prediction for Bitcoin
Cryptocurrency powerhouse Matrixport has unveiled an optimistic outlook for the future of Bitcoin, projecting a substantial surge in the leading digital currency and reaching an impressive valuation of $125,000 by the close of 2024.
12 Month High After Bear Market
According to their analysis, when Bitcoin achieves a 12-month high following a bear market, it often heralds a period of rapid growth. This pattern recently became evident as the Bitcoin price surpassed $31,000, marking its highest value since June 2022.
June 22nd Signals End Of Bear Markets
Markus Thielen from Matrixport’s research and strategy department highlighted an intriguing trend that on June 22nd 2023 Bitcoin reached a new one-year high signaling the end of bear markets and start of bullish ones. He further added that “If history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020.“ That would lift prices to $65,539 in twelve months and $125,731 over eighteen months.
Anticipated Halving Event To Push Prices Higher
The anticipated halving event can also be expected to drive up prices significantly as it happened in previous cycles too which were followed by significant bull runs. During such events miners receive fewer rewards for verifying transactions which resultantly reduce supply while demand remains same or may even increase due to increasing interest in cryptocurrencies due to news coverage etc resulting into higher prices.