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Matrixport predicts Bitcoin is currently in its fifth bull market, forecasting a rise to $125,000 by December 2024.
According to a note from crypto services provider Matrixport shared with CryptoSlate on Oct. 26, Bitcoin’s (BTC) price is projected to surge to as much as $125,000 by the conclusion of 2024.
This forecast stems from the institution’s assertion that the market has transitioned into the fifth phase of Bitcoin’s bull market, primarily influenced by “the expectations of institutional adoption.”
Markus Thielen, head of research and strategy at Matrixport, stated, “The traits of Bitcoin, which have historically been linked to assets like Gold and other safe-haven investments such as Treasury bonds, have prompted institutions to consider Bitcoin for diversifying their asset portfolios.”
The bull market for BTC began in June when the digital asset achieved a yearly peak for the first time. During this time, numerous traditional financial institutions submitted applications for a spot BTC exchange-traded fund (ETF) to the Securities and Exchange Commission (SEC), resulting in a price increase for BTC. “This indicated the conclusion of the ‘crypto winter’ phase,” Thielen remarked.
“Historically, when this signal has been activated, Bitcoin has, on average, produced returns of +310%. Based on this signal, we project that Bitcoin could attain $125,000 by December 2024,” Thielen further noted.
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U.S. investors are driving BTC growth.
A different note from Matrixport on Oct. 25 indicated that U.S. traders are propelling BTC’s current bull market, as most gains are realized during U.S. trading hours.
In the past month, the leading digital asset has experienced a value increase of over 25% following heightened optimism regarding ETF approval.
“This is a notable development and demonstrates that U.S. institutions and investors are responding positively to the news that a U.S.-listed spot bitcoin ETF seems imminent,” Thielen stated.
Throughout this period, the market has contended with false reports claiming that the SEC had approved BlackRock’s ETF application and renewed doubts regarding crypto’s involvement in financing terrorism.
The Matrixport note concluded that the purchasing power of U.S. traders and institutions is “magnitude larger” than that of traders in other regions, including Asia.
The post Bitcoin already in fifth bull market, to reach $125,000 by December 2024 – Matrixport appeared first on CryptoSlate.
