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Bitcoin price to reach $125,000 by end of 2024-Reports

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TL;DR

  • Matrixport predicts Bitcoin at $125,000 in 2024 based on history and ETF hopes.
  • Other experts agree, with Standard Chartered and Dan Gambardello sharing bullish views.
  • Timing, macro trends, and institutional interest fuel Bitcoin’s rise.

Matrixport, a prominent player in the cryptocurrency industry, has released a compelling report forecasting that the price of Bitcoin (BTC) will surge to $125,000 by the close of 2024. This projection is based on a meticulous analysis that combines historical data and current market trends. 

Matrixport’s optimism hinges on several key factors, including institutional interest, macroeconomic indicators, historical patterns, and the potential approval of spot Bitcoin ETFs.

Historical patterns and Bitcoin’s fifth bull market

Matrixport’s forecast paints a bullish picture for Bitcoin, with a predicted price of $63,140 by April 2024 and a significant climb to $125,000 by the end of the year. The report draws attention to past bear markets in 2014 and 2018, followed by robust three-year growth periods. This historical analysis underpins the prediction of Bitcoin’s potential to reach new heights.

One significant factor highlighted in the report is the correlation between Bitcoin’s halving events and positive market movements. Historical data indicates substantial price increases following the halving events of 2012, 2016, and 2020, often resulting in gains of up to 200%. This historical trend forms a strong foundation for projecting Bitcoin’s ascent to $125,000.

Consensus Among Crypto Analysts

Matrixport’s bullish outlook is not isolated, as it aligns with several other reports and analyses within the cryptocurrency sphere. Standard Chartered Bank, for instance, predicts that Bitcoin could hit $120,000 by the close of 2024. 

Their analysts anticipate the approval of US-based spot Bitcoin ETFs, with expectations of approval arriving sooner than initially expected in Q1 2024. This approval could open the door for significant institutional investments in both Bitcoin (BTC) and Ethereum (ETH), reinforcing the overall positive sentiment regarding Bitcoin’s trajectory.

Prominent market analyst and Crypto Capital Venture founder, Dan Gambardello, has also voiced optimistic predictions about Bitcoin’s price trajectory. He ties this prediction to the anticipation surrounding the potential approval of a spot Bitcoin ETF. 

Gambardello suggests that a sustained bullish period in the short term, propelling Bitcoin’s value beyond $38,000, could signal the onset of a legitimate bull market that extends into 2024. He emphasizes the importance of surpassing this critical threshold to ensure the continuation of the bullish market sentiment.

Traditional factors and timing

Matrixport’s projection of Bitcoin reaching $125,000 by December 2024 underscores the significance of timing in Bitcoin investment. The report points to October 2022 as an ideal entry period when Bitcoin’s value was around $17,000, aligning with historical halving cycles.

Additionally, the firm underscores the influence of macroeconomic trends on Bitcoin’s price. A potential decline in inflation, for instance, is seen as creating a favorable environment for cryptocurrencies to thrive. Furthermore, Matrixport anticipates potential interest rate cuts by the Federal Reserve, which could propel Bitcoin to new heights in 2024.

Beyond individual analyses, broader market sentiments reveal a growing interest in cryptocurrencies, despite increased regulatory scrutiny. The filing of applications for spot Bitcoin ETFs by major financial entities such as BlackRock and Grayscale signals heightened institutional attention and investor confidence in digital assets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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