Bitcoin Hits $40,000 for the First Time Since April 2022
Bitcoin (BTC) has achieved a significant milestone by surpassing the $40,000 mark, representing a 2% increase within a 24-hour period. This is the first time since April 2022 that Bitcoin has reached this level.
A 19-Month High and Year-to-Date High for Bitcoin
The surge in Bitcoin’s price resulted in it surging from below $39,500 to over $40,000 on December 3rd. This new high also marks the highest point Bitcoin has reached this year, with a growth rate of over 140% since January 1st. However, it is worth noting that Bitcoin is still down approximately 42% from its all-time high of over $69,000 in November 2021.
Predictions for Bitcoin’s Future Price
In a recent note, Matrixport predicted that Bitcoin would exceed $60,000 by April 2024 and reach $125,000 by the end of that year. The research firm explained that historically, when Bitcoin mining rewards were halved, prices tended to increase significantly. As such, with the next halving expected in mid-April 2024, Matrixport anticipates a price surge similar to previous halvings.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin’s climb above $40,000 demonstrates its continued bullish momentum. Despite experiencing volatility and fluctuations in value, Bitcoin has shown resilience and continues to attract investors. The predictions made by Matrixport further fuel optimism among crypto enthusiasts who believe that Bitcoin has the potential to reach even higher price levels in the coming years.
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