Matrixport confirms Bitcoin forecast to hit $63,000 by April 2024

Digital gold is expected to rise to $63,140 by April 2024 and to $125,000 by the end of the next calendar year. These estimates were confirmed by Matrixport analysts.

Analysts based their projections on a scenario of continuing the fifth bull market, taking into account ‘geopolitical, monetary and macroeconomic factors’.

According to their calculations, after the 2014 bear market (-58%), three years of a bull market followed; after the 2018 bear market (-72%), positive momentum was again observed over the next three years.

In anticipation of a repetition of the cycle after the 2022 decline of 65%, analysts expect the first cryptocurrency to appreciate in 2023–2025. At the same time, they forecast a price increase of 123% for the current year.

Historically, the yearshalving were generally optimistic: 2012 (+186%), 2016 (+126%) and 2020 (+297%), — they said.

Observers note that before each halving of the block reward, miners tended to accumulate coins, which led to a price rise of about 200%. Extrapolating this observation yields a target of $125,000 by the end of 2024.

Experts noted macroeconomic support for growth. In their view, inflation will slow further, which would spur the FRS to begin cutting the policy rate. Additional demand will arise from ‘geopolitical cross-currents’.

In November, Matrixport analysts called Bitcoin’s break above $40,000 after the settlement of claims by U.S. authorities against Binance and its former CEO Changpeng Zhao.