New York, 06, July 2023: Bitcoin (BTC), the most popular cryptocurrency, is now expected to rise to as high as $125,000 by the end of 2024, according to Matrixport, a provider of cryptocurrency services and one of the few companies to turn positive on BTC late last year.
The prognosis is based on statistics showing that after prices signal the end of a bear market, which they accomplish by establishing a 12-month high for the first time in at least a year, a multimonth bull market that includes a stratospheric leap in market value will unfold.
As soon as prices reached $31,000, their highest level since June 2022, that warning was raised late last month. In the past, prices have risen after previous indications in August 2012, December 2015, May 2019, and August 2020.
For the first time in a year, bitcoin reached a new one-year high on June 22, 2023. According to Markus Thielen, head of research and strategy at Matrixport, this signal has traditionally signalled the conclusion of bear markets and the beginning of new crypto bull markets.
If history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months
Thielen added
Thielen dismissed the 2012 signal as well as the ensuing 5,285% price increase in 2013 by referring to it as a “epic, out-of-proportion” bull market.
The perspective of Matrixport is consistent with bitcoin’s propensity to register significant uptrends 12 to 18 months after the mining incentive is cut in half. In March or April of next year, there will be a fourth halving, which would reduce the number of new coins paid every block from 6.5 BTC to 3.25 BTC.
