Bitcoin To Potentially Climb To $125,000 By End Of 2024, Predicts Cryptocurrency Services Provider

Matrixport, a provider of cryptocurrency services, has projected that Bitcoin (CRYPTO: BTC) could potentially reach a value of $125,000 by the end of 2024.

This optimistic prediction is based on historical data indicating that a prolonged bullish trend, characterized by a significant increase in market value, typically follows the confirmation of the end of a bear market, Coindesk reported.

This confirmation is signaled when prices reach a 12-month high for the first time in at least a year.

This key indicator was activated last month when Bitcoin prices exceeded $31,000, the highest level since June 2022.

Similar signals were observed in August 2012, December 2015, May 2019, and August 2020, each followed by a price rally in the subsequent years.

Markus Thielen, Matrixport's Head of Research and Strategy, stated in a report, "On June 22, 2023, Bitcoin recorded a new one-year high, marking the first such instance in a year. Historically, this signal has signified the conclusion of bear markets and the commencement of new crypto bull markets."

Also Read: Valkyrie Refiles Bitcoin ETF Application Amid Crypto Optimism

Thielen further said, "If we take history as a reference, Bitcoin prices could rise 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. This could push prices to $65,539 in twelve months and $125,731 over eighteen months."

Thielen chose to exclude the 2012 signal and the subsequent 5,285% price increase in 2013, describing it as an "epic, out-of-proportion" bull market.

Matrixport's prediction aligns with Bitcoin's historical pattern of experiencing sharp upward trends in the 12 to 18 months following a halving of the mining reward.

The next halving, which will reduce the new coins awarded per block from 6.5 BTC to 3.25 BTC, is expected to occur in March/April 2024.

Read Next: Hotbit's Rug Pull Disaster Devastates RichQuack, Baby DogeCoin, Dogelon Mars

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock