Matrixport: Bitcoin to reach $125,000 by end-2024

The fifth bull market for digital gold officially began on June 22, 2023, and by December 2024 prices could reach $125,000, according to Matrixport analysts.

Matrixport analysis pointed out that the fifth Bitcoin bull market officially began on June 22, 2023. It is estimated that Bitcoin may reach $125,000 by December 2024. The fifth Bitcoin bull run was driven primarily by expectations of institutional adoption and was driven by an…

— Wu Blockchain (@WuBlockchain) October 26, 2023

Experts linked the start of the new uptrend to the breakout of the year’s high (June 22, 2023).

According to their calculations, after this signal fired, Bitcoin’s investment returns averaged +310%. Based on these figures, analysts calculated that the price could reach $125,000 by December 2024.

They named the optimal entry point as the period 14-16 months before halving — in October 2022, when Bitcoin traded at $17,000. At that time, experts recommended opening a long position.

As drivers of the projected growth, experts cited expectations of institutional adoption of the first cryptocurrency and the fragility of the US debt-to-GDP ratio.

According to the experts, institutions saw Bitcoin as a safe-haven asset akin to gold and US Treasuries. They began to consider it for portfolio diversification.

The first bull market in 2011 emerged thanks to Bitcoin’s adoption as a new payment mechanism. The second was triggered by China as digital gold gained recognition as an alternative form of money.

The third cycle was marked by growth in the number of ICO as a new means of creating and financing companies. The fourth — was characterized by a “DeFi summer,” followed by a flood of NFT issuance.

Earlier, Matrixport projected price growth to $42,000-56,000 as a result of approval by the SEC for the launch of the spot Bitcoin-ETF. CryptoQuant reported values of $50,000-73,000.

Earlier, Glassnode analysts noted the price of digital gold breaching key barriers near $28,000, both technically and on-chain.