- Matrixport said bitcoin could top out at $125,000 by December 2024 in a bull market.
- The firm believes a bitcoin bullrun has been underway since June 2023, fueled by an influx of institutional investors.
- Bitcoin recorded a 16% gain in the past week, according to data from CoinMarketCap.
Amid recent excitement in the crypto market, top crypto trading firm Matrixport, in a recent report, predicted that the world’s largest cryptocurrency by market cap, bitcoin, could reach $125,000 in a current bull market. According to the report, the eagerly anticipated bitcoin bull run started earlier this year.
Matrixport’s view is that the fifth bitcoin bull market started on June 22, 2023. This was when the crypto token’s price topped a new one-year high, thus marking the start of the fifth bull run.
Per the report, the trading firm pointed out that this bull run is fueled by institutional interest in bitcoin. Matrixport added that the first bitcoin bull market in 2011 was driven by BTC’s adoption as a new payment mechanism.
The report found that the second bull market happened after Chinese investors keyed into the asset as an alternative to local currency, while the rise of initial coin offerings (ICOs) drove the third. The fourth bull market came in 2021 during the NFT frenzy.
According to Matrixport, the institutional turn to bitcoin is largely due to the unsustainable U.S. debt-to-GDP ratio. Matrixport estimated that the increased influx of institutional investors could drive the price to a record-high of $125,000 by December 2024.
The firm expects bitcoin to peak at $45,000 by December 2023 and January 2024. It continued that the asset could drop by February 2024 but see a further push to around $63,130 in Q2 2024. This prediction aligns with expectations of a price rally on the back of the bitcoin halving.
On the best time to buy bitcoin, the firm stated that the ideal entry was 14 – 16 months before the bitcoin halving, which is expected in spring 2024. Matrixport assessed that October 2022 was the perfect entry time, when bitcoin was exchanging hands at around $17,000.
At a time when crypto assets have come under more scrutiny, large financial firms like BlackRock and Grayscale have filed for spot bitcoin ETFs. However, the SEC has yet to greenlight any. Bitcoin has added a 16% gain to its price in the past seven days, according to CoinMarketCap data.
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