Bitcoin prices could surpass the $125,000 mark by the end of next year, CoinDesk reported, citing Marcus Tilen, head of the research department of Matrixport’s crypto-financial service.
“On June 22, Bitcoin reached a new year-to-date high. This signal historically indicated the end of bear markets and the start of bull markets,” he explained.
According to Tilen, Bitcoin price could rise by 123% over 12 months and by 310% over 18 months. At that rate, the asset would be worth $65,539 and $125,731 respectively, the expert added.
The forecast is based on the average returns of similar signals in the past: August 2012, December 2015, May 2019 and August 2020. The first instance of a rise of 5,285% over 18 months is deliberately ignored by Tilen, who calls it “epic” and “out of proportion.”
Earlier, Dan Tapiero, co-founder of 10T Holdings and Gold Bullion International, said the bear phase of the crypto market was over and predicted an explosive rally.
In April, Standard Chartered analysts predicted bitcoin’s rise to reach $100,000 by the end of 2024.
In May, former BitMEX CEO Arthur Hayes ruled out a new all-time high for digital gold in 2023, but left room for such a possibility in the next year.