Jihan Wu, one of the founders of Bitmain, heads the crypto investment management company Matrixport, whose research division Matrixport Research has reiterated its Bitcoin (BTC) forecast. Matrixport Research expects the largest cryptocurrency to reach $63,000 by April 2024 and $125,000 by the end of 2024.
Matrixport Stands Firm Behind Its Bitcoin Forecast
Matrixport Research has reiterated its remarkable Bitcoin predictions in light of expectations that the current bull market will continue. The company anticipates Bitcoin hitting $63,140 by April 2024 and reaching $125,000 by the end of that year.
As is well known, the crypto investment management company made a bold claim and announced that the fifth Bitcoin bull market officially began on June 22, 2023. At that time, the price of BTC was around $30,000.
With current prices, the rise to the first target level of $63,000 that Matrixport Research expects by April 2024 would mean an increase of about 65% in price. The rise to the second target level of $125,000 corresponds to an approximately 230% increase, which is particularly noteworthy.
Current State of Bitcoin Price
According to current data, BTC’s price has increased by over 1.5% in the last 24 hours to above $38,000, trading at $38,251. Data indicates that the largest cryptocurrency by market value, at $747.9 billion, has seen its price increase by 1.98% over the last 7 days and by 11.01% over the last 30 days.
Furthermore, it is observed that the crypto king’s trading volume has decreased by 4.95% in the last 24 hours, not accompanying the increase in price. Bitcoin’s trading volume stands at $19.71 billion as of the writing of this article. This situation leads to speculation that the recent price increase could be a ‘bull trap,’ where the price makes a convincing rise only to reverse and break below a previous support level. This trap catches traders or investors who respond to buy signals, leading to significant losses in long positions.
