Matrixport predicts Bitcoin’s price could reach $45,000 by year-end, with a potential target of $125,000 by December 2024, driven by institutional adoption.
Key Takeaways
- Matrixport forecasts Bitcoin reaching $45,000 by year-end.
- Bull market initiation signaled by one-year high in June.
- $125,000 projection for Bitcoin by December 2024.
- Institutional adoption driving the current Bitcoin surge.
October ‘Perfect Entry Time’
As Bitcoin maintains its position near the $35,000 mark, the crypto market is abuzz with anticipation, thanks to a recent report by Matrixport, the digital asset trading firm founded by Wu Jihan, co-founder of Bitmain. According to Matrixport, the bull market for Bitcoin began in June of this year when the cryptocurrency achieved a fresh one-year high. Historically, this signal has consistently heralded significant gains, with an average return of over 310%.
CRYPTO BREAKING NEWS
These Are Bitcoin’s Two Major Resistances Before its Leap to $125K: Matrixport. Matrixport report predicts a bullish target for Bitcoin at $45,000 by year-end. check us out @ https://t.co/8dh137aX4R pic.twitter.com/lwQNkUptt3— InnovatekMobile (@Neome_com) October 27, 2023
Building on this indicator, Matrixport projects that Bitcoin could potentially soar to $125,000 by December 2024, a little over six months following the next halving event.
Bitcoin Prediction
Matrixport’s earlier prediction for October being a strong month for Bitcoin has proven accurate. The cryptocurrency has seen a notable upswing, surging by over 25% since the month’s beginning, from around $27,000 to approximately $34,000 at the time of this report. On October 24, Bitcoin even touched $35,000, marking its highest level in 17 months. Matrixport’s target of $45,000 by year-end suggests a nearly 33% increase from the current level.
Looking ahead, Matrixport sets its sights on a $63,000 target for mid-2024, laying the groundwork for the ambitious $125,000 projection.
Additionally, Matrixport highlights that the current Bitcoin bull market is largely driven by institutional expectations. Institutions are increasingly considering Bitcoin as an asset for diversifying their portfolio, thanks to its characteristics traditionally associated with safe-haven investments like gold and Treasury bonds. This surge in institutional interest coincides with the United States debt-to-GDP ratio reaching concerning levels.
Overall
Matrixport’s bullish forecast for Bitcoin, supported by historical data and the ongoing institutional adoption, paints an optimistic picture for the flagship cryptocurrency. As Bitcoin continues to defy skeptics and chart new highs, the path to $125,000 by December 2024 appears increasingly plausible. This prediction aligns with a broader sentiment in the crypto industry, where experts and enthusiasts alike anticipate further growth as cryptocurrencies become more integrated into the global financial landscape. Arthur Hayes’ bold prediction of $1 million by 2030 underscores the growing confidence in Bitcoin’s long-term potential, fueled by geopolitical tensions and evolving monetary policies. Investors and observers will be closely monitoring Bitcoin’s trajectory in the coming months as it inches toward these ambitious price targets.
