Crypto firm Matrixport, one of the companies that began anticipating a surge in Bitcoin (BTC) at the end of last year, has shared its new price forecast for the largest cryptocurrency. The firm expects Bitcoin to rise to $125,000 by the end of 2024.
What Will Happen to Bitcoin in 12 and 18 Months?
Matrixport, a cryptocurrency firm, revealed its latest prediction for Bitcoin, stating that it expects the king cryptocurrency to rise to $125,000 by the end of 2024. This forecast by the leading cryptocurrency firm is based on critical data indicating the emergence of a months-long bullish market that includes a meteoric rise in market value following the confirmation of the end of a bear market. In this context, the last significant bullish signal in Bitcoin occurred about a year later, when the price reached its highest level in the past 12 months for the first time.
This bullish signal emerged at the end of last month when the Bitcoin price exceeded $31,000, the highest level seen since June 2022. The previous bullish signals observed with the price reaching the highest level in the last 12 months occurred in August 2012, December 2015, May 2019, and August 2020, and the Bitcoin price sharply increased in the months following these dates.
Past Validates Matrixport’s Prediction
Markus Thielen, director of research and strategy at Matrixport, in a report shared with CoinDesk, noted, “Bitcoin reached its highest level within the last year for the first time on June 22, 2023,” indicating that historically, this signals the end of bear markets and the beginning of a new bull market.
Thielen also stated, “If the past is a guide, based on the average returns of signals triggered in 2015, 2019, and 2020, the BTC price could increase by 123% in 12 months and 310% in 18 months. This means the Bitcoin price could rise to $65,539 within 12 months and $125,731 within 18 months.” Thielen ignored a price increase exceeding 5,000% since 2012, adding that it was an epic and disproportionate bull market.
Matrixport’s view is entirely consistent with the tendency of Bitcoin to record sharp increases in the 12-18 months following the halving of mining rewards, which occurs approximately every four years. The fourth block reward halving, which will reduce the block reward of the largest cryptocurrency from 6.5 BTC to 3.25 BTC, is expected to occur in March/April of next year.
