With expectations of continued market growth, Matrixport Research reiterated its prediction that BTC will reach $63,140 by April 2024 and reach $125,000 by the end of the year.
Matrixport continues to predict Bitcoin will rise to $63,140 by April 2024
According to a recent report by Matrixport , the cryptocurrency market is entering its fifth bull period. In previous estimates, the research unit said Bitcoin could reach 40,000 - 45,000 by the end of this year . Thanks to factors such as macro, politics and positive currency flows, the unit believes that the coin will reach the threshold of 63,000 USD in April 2024.
According to historical price cycles, every 1 year of price decrease will be followed by 3 years of price increase. 2014 (-58%), 2018 (-72%) and 2022 (-65%) are 3 years that marked a price decrease, so 2023 (+123) will be the first year entering the bullish cycle.
Matrixport also takes its basis from the years of the Bitcoin Halving event, which are usually years with increasing price trends such as 2012 (+186%), 2016 (+126%) and 2020 (+297%). Since BTC miners will begin to strategically hold BTC after each halving, Bitcoin becomes increasingly scarce, which will help the coin reach $125,000 by the end of 2024.
In addition, macro factors such as inflation rates are expected to create favorable conditions for the cryptocurrency market to grow strongly, Matrixport predicts that the Federal Reserve (Fed) will likely begin cutting interest rates. capacity. Combined with foreign cash flows, the market will expand significantly.
Bitcoin price on the morning of December 1 reached 38,450 USD, setting a new peak of 2023.
BTC/ USDT price list taken at 16:00 on December 1, 2023 on Binance
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