In a bold forecast that has captured the attention of the cryptocurrency community, Matrixport, a leading digital asset financial services platform, has projected that Bitcoin (BTC) will reach a price of $63,140 in April 2024 and soar to $125,000 by the end of the same year. This optimistic outlook is based on a comprehensive analysis of historical trends and market dynamics.
Matrixport’s analysis suggests that the end of bear markets is typically followed by a bullish period for Bitcoin. The recent surge in Bitcoin’s price to over $37,000, marking its highest value since June 2022, is seen as a strong indicator of the beginning of such a bullish phase. This pattern has been observed in previous cycles, including those in August 2012, December 2015, May 2019, and August 2020.
The head of research and strategy at Matrixport, Markus Thielen, points out that Bitcoin’s price could climb by an average of 123% over twelve months and by 310% over eighteen months, based on the average return of signals triggered in previous years. This would position Bitcoin at $65,539 in twelve months and $125,731 over eighteen months.
Bitcoin Halving 2024: The Catalyst for Monumental Growth
An important factor in Matrixport’s prediction is the anticipated Bitcoin halving event, scheduled for early 2024. Halving events, which occur approximately every four years, reduce the Bitcoin mining reward by half. Historically, these events have been precursors to significant price increases in the 12-18 months that follow. The upcoming fourth halving will decrease the mining reward from 6.5 BTC to 3.25 BTC per block, potentially fueling a substantial uptrend in Bitcoin’s value, and there is also the inevitable ETF approval.
While the predictions are based on historical data and trends, it is important to note that the cryptocurrency market is highly volatile and subject to various external factors. Investors and enthusiasts are advised to conduct their own research and exercise caution when making investment decisions.
Matrixport’s forecast has certainly added to the excitement surrounding Bitcoin’s future, and if the prediction holds true, the year 2024 could mark a new era of growth and prosperity for the world’s first and most well-known cryptocurrency.
