- Bitcoin has had a good run in 2023, recently buoyed by institutional interest.
- Matrixport believes the asset will soar by leaps and bounds in 2024.
- The firm asserts that recent ETF filings will likely support its $45,000 prediction for the end of the year.
Bitcoin, the largest crypto asset by market capitalization, has had a good run in 2023. Buoyed by renewed institutional interest, led by BlackRock’s Bitcoin ETF filing, the asset has held above the $30k price point in recent weeks, nearly double the asking price at the start of the year.
Amid this positive price run, prominent financial services firm Matrixport has revealed an ambitious price prediction for the asset in 2024.
Bitcoin to Experience 310% Rally?
In a Thursday, July 6 report, Matrixport expected Bitcoin’s price to surge to $125,000 by the end of 2024—a staggering 310% rally from current prices.
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The firm notably based its analysis on the fact that Bitcoin had reached a new 12-month high in June. According to Matrixport, this is a move that has typically marked the end of a bear market and the start of a bull market, citing occurrences in August 2012, December 2015, May 2019, and August 2020.
The bull market fully materialized within 12-18 months in the above instances.
"If history is any guide, then, there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%) - based on the previous three signals," Matrixport wrote.
In January, the firm had notably predicted that Bitcoin would surge to $45,000 by the end of 2023. In its latest report, Matrixport suggests that the potential approval of a spot Bitcoin ETF could support prices to this level. The firm also expected the asset to continue its rally into the next Bitcoin halving event in May 2024, when it expects it to trade for about $63,160.
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Still, Matrixport maintains that there is no clear catalyst for the next bull market aside from the cited historical data.
On the Flipside
- The market can not be predicted with 100% certainty as several factors can affect price action.
Why This Matters
The crypto markets have been stuck in a bear market for over a year, leading to a steep drop in the prices of crypto assets. The start of a new bull market could allow holders to recoup significant losses.
Read this to learn more about Matrixport’s prediction for July:
Matrixport Bullish on Bitcoin’s July Prospects on the Road to $45K
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