Matrixport, a crypto financial services platform, has always been bullish on Bitcoin, especially in 2023. Therefore, its latest prediction for the digital asset comes as no surprise to investors. This time, Matrixport analysts have predicted that the BTC price will go as high as $125,000 by the end of 2024.
A 310% Rise for Bitcoin?
Matrixport analysts’ current forecast for Bitcoin will see the cryptocurrency rally by as much as 310% if it comes true. However, this prediction was not released without the expected catalysts that would trigger such a rally, which is outlined in the report.
For BTC to reach $125,000 by the end of 2024, Matrixport hopes that the possible approval of Bitcoin Spot ETFs put forth by investor giants such as BlackRock and Fidelity Investments, among others, could be the boost it needs.
2024 is important for these Bitcoin Spot ETF filings because the final date for a decision by the United States Securities and Exchange Commission (SEC) is in 2024. This is because the SEC has three opportunities to postpone its decision. , which it probably will. Therefore, a decision on whether or not investors will be able to trade a Spot BTC ETF is expected no later than February 2024, as outlined in this Bitcoinist report.
“With the possible approval of the BlackRock Bitcoin ETF and other institutional providers, demand for Bitcoin could continue to support prices at our year-end target of $45,000,” Matrixport says in the report. “There is no obvious indication of what will drive the next bull market, but the data indicates that Bitcoin could continue to rise until the 2024 halving.”
Multiple bullish catalysts for BTC in 2024
As Matrixport mentions in its report, the Bitcoin Spot ETF filings are not the only bullish events that could fuel a 2024 bull market. Another major event is the BTC halving event, which is less than a year away. away. This event will see the block rewards per block on the blockchain halved, from 6.25 BTC per block mined to 3,125 BTC per block mined.
The next BTC halving is less than a year away | Source: Binance
This decline in the rate at which new BTC is put into circulation, coupled with the fact that the digital asset is in very limited supply, has always triggered every bull market. So even if expectations for spot ETFs fall short and the SEC rejects the filings, it will likely only be a short-lived bearish momentum, as the halving will take place only a few months later.
Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold, So What Is Digital Silver?
Based on historical performance, the BTC price is known to have surged more than 100% as expectations around the halving event rise. Given this, it is possible for BTC to reach a price of $125,000 by the end of 2024, according to the Matrixport report.
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