Bitcoin's Potential Surge: A Rally to $125K by 2024, Says Matrixport

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Bitcoin's Potential Surge to $125K by 2024, Predicts Matrixport

Matrixport, a renowned crypto services provider, has recently projected that Bitcoin, the leading cryptocurrency, could potentially rally to a staggering $125,000 by the end of 2024. This optimistic forecast is based on historical data that indicates a multi-month bull market, characterized by a significant surge in market value, typically follows the end of a bear market.

The End of the Bear Market
The end of a bear market is usually signaled when Bitcoin prices reach a 12-month high for the first time in at least a year. This signal was recently triggered when Bitcoin prices soared above $31,000, the highest since June 2022.

According to Markus Thielen, the head of research and strategy at Matrixport, "On June 22, 2023, Bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets."

The Potential Surge
"If history is any guide, Bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months," Thielen added.

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The Halving Factor
Matrixport's prediction aligns with Bitcoin's historical pattern of experiencing sharp uptrends in the 12-18 months following the halving of mining rewards. The fourth halving, which will reduce the new coins paid per block to 3.25 BTC from 6.5 BTC, is anticipated to occur in March/April next year.

In conclusion, the potential surge in Bitcoin's value to $125,000 by the end of 2024, as predicted by Matrixport, is based on historical trends and the upcoming halving event. This prediction underscores the volatile yet potentially lucrative nature of the cryptocurrency market.

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