- Matrixport Research forecasts a bullish trend for Bitcoin in 2024, predicting a surge to $63,140 by April and $125,000 by the end of the year.
- The firm bases its projections on historical analysis, emphasizing a three-year bull market trend, with 2023 showing significant positive momentum.
- Macro-economic factors, including anticipated interest rate cuts and declining inflation, are identified as key drivers pushing Bitcoin to new highs in 2024.
With 2023 mostly maintaining a slowly fading bearish market, crypto investment services firm Matrixport predicts a bull run for the leading cryptocurrency Bitcoin for the upcoming year. The firm reiterates its forecast in light of expectations for continuing this year-end bull market.
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The recent surge in Bitcoin has sparked the current fifth Bitcoin bull market, and in line with this, Matrixport Research has reiterated its predictions, forecasting that Bitcoin is expected to reach $63,140 by April next year and $125,000 by the end of 2024.
According to the firm, historical analysis, including previous bear markets and mining reward halving cycles, supports the firm’s expectation of a three-year bull market, with 2023 showing a significant positive trend.
Moreover, the report emphasizes the impact of macroeconomic factors, such as anticipated interest rate cuts and declining inflation, as key drivers propelling Bitcoin to new highs in 2024.
Recent Matrixport Analysis
Last month, Matrixport suggested that the introduction of Bitcoin Exchange-Traded Funds (ETFs) and the approaching year-end has fueled speculation among crypto investors, anticipating a potential rally that could propel Bitcoin to the $45,000 mark.
In addition, Matrixport also attributed the potential surge to a “Santa Claus Rally,” supported by consistent BTC acquisitions during U.S. trading hours and a favorable macroeconomic environment characterized by the Federal Reserve’s accommodative stance, declining bond yields, and reduced long-term debt issuance by the U.S. Treasury Department.
Matrixport predicted that breaking the $36,000 barrier could propel Bitcoin to the next resistance level at $40,000, potentially reaching $45,000 by the end of 2023. Earlier, the firm had even forecasted a year-end target of $56,000 for BTC based on historical patterns indicating a 71% chance of finishing the year higher when Bitcoin sees a 100% increase by this time.
Other Bitcoin Prediction
Bitget, a cryptocurrency exchange and digital asset trading platform, also highlighted several pivotal factors influencing the future trajectory of the Bitcoin market.
These include the Federal Reserve’s decisions on interest rates and potential rate cuts, the approval of Bitcoin ETFs by institutions like BlackRock (with a likely delay until 2024), the upcoming Bitcoin halving in 2024, and regulatory developments aimed at easing market access.
Accordingly, the exchange also noted that recent court rulings, particularly concerning Grayscale’s Bitcoin Trust conversion to an ETF, and the listing of BlackRock’s Bitcoin ETF on the DTCC contribute to the market’s optimism about improving regulatory conditions.
Bitget notes a prolonged consolidation at lower levels in the market, coupled with a growing demand for a rebound, pointing to potential upward targets at $36,000, $38,000, and $42,000, with support at $32,000. However, the exchange acknowledges the inherent volatility and the possibility of unforeseen events causing Bitcoin to revert to a range of $25,000 to $32,000.
Bitcoin Current Price
On December 4, Bitcoin broke the $40,000 mark and has since remained close to $42,000.
This article is published on BitPinas: Matrixport: Bitcoin to Hit $63k by April, $125k by End of 2024
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