Matrixport’s Bullish Projection for Bitcoin Price
Crypto financial services firm Matrixport has reiterated its optimistic outlook on the future trajectory of Bitcoin’s price. In a report discussing the sustainability of the bull market in 2024, Matrixport predicts that Bitcoin will reach $125,000 by the end of that year. They also anticipate that Bitcoin will hit $63,140 by April 2024, coinciding with the Bitcoin Halving event which is expected to kickstart the bull market.
Historical Performance and Bitcoin Halving
The basis for Matrixport’s $125,000 projection lies in historical data. Previous Bitcoin Halving events in 2012, 2016, and 2020 resulted in significant gains of 186%, 126%, and 297% respectively. Matrixport expects a similar trend to occur in 2024. They also note that miners tend to hoard their Bitcoin rewards before each halving, leading to a substantial price increase after the event.
Macro Factors and Institutional Adoption
Matrixport points out that macro factors are aligning for a parabolic rally in 2024. Their inflation model suggests a potential decline in inflation and a cooling-off of interest rates, which would be bullish for Bitcoin. The expectation of institutional adoption, particularly with the potential launch of Spot Bitcoin ETFs, is another driving factor behind this bull market cycle.
Progress Towards Projections
Matrixport’s projections have been on track so far. They previously stated that Bitcoin would reach $45,000 between November this year and April 2024, and it has already surpassed $40,000. This progress further supports their overall bullish outlook.
Hot Take: Matrixport’s Confident Prediction for Bitcoin Price
Crypto financial services firm Matrixport remains confident in their projection that Bitcoin will reach $125,000 by the end of 2024. Their analysis is based on historical performance, the impact of Bitcoin Halving events, macro factors, and the expectation of institutional adoption. As Bitcoin continues to show progress towards their projections, investors and crypto enthusiasts eagerly anticipate the potential for substantial gains in the coming years.
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