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Matrixport reported that Bitcoin 
$109,647 has largely followed the upward trend predicted in their October 26, 2023, Matrix on Target report. At that time, it was anticipated that the largest cryptocurrency would rise from $22,500 at the beginning of the year to $45,000 by year-end. Bitcoin achieved this target with a 3% margin in the first quarter but experienced a correction during the summer, dropping to the $50,000 range. However, the $125,000 target mentioned in Matrixport’s July 2023 report is still considered an attainable goal.
Can Bitcoin’s Rise Continue?
Bitcoin has performed in line with expected price movements throughout the year. It was projected to reach $45,000 in January and $63,130 in March. Thus far, Bitcoin has moved close to these levels, largely adhering to the targets set for 2023.
Experts suggest that in the last two months of the year, Bitcoin retains the potential to reach a yearly high, and if this trend continues, a rapid ascent towards the $125,000 target could occur.
Is the 2023 Target Achievable?
According to the latest report referencing Matrixport’s previous analysis, the largest cryptocurrency still has the potential to reach the $125,000 target in the second half of 2023. Currently around $70,000, Bitcoin would need to capture the expected momentum in the final two months to align with prior projections.
Market participants anticipate a strong year-end if Bitcoin can sustain this rapid upward trend. Experts note that the current economic conditions and market dynamics support this ascent, predicting a significant likelihood of parabolic movement.
