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

Zinger Key Points
  • Prediction based on historical data of Bitcoin price trends.
  • Price could rise by 123% in 12 months, 310% in 18 months.

Matrixport, a provider of cryptocurrency services, has projected that Bitcoin BTC/USD 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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBitcoin forecastBitcoin Price PredictionCrypto Bullcryptocurrency marketMatrixport
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!