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Matrixport, a crypto financial services platform, has always been bullish on bitcoin, especially in 2023. So its latest prediction for the digital asset should come as no surprise to investors. This time, the Matrixport analyst has predicted that the BTC price will rise to $125,000 by the end of 2024.
310% rise in bitcoin?
the current Forecast According to Matrixport analysts for bitcoin, if this happens, the cryptocurrency will see a rise of up to 310%. However, this prediction was not made without the expected catalysts that would trigger such a rally, as noted in the report.
With BTC reaching $125,000 by the end of 2024, Matrixport is hoping that the potential approval of a bitcoin spot ETF filed by investment giants such as BlackRock and Fidelity Investments could give it the push it needs.
2024 is important for these bitcoin spot ETF filings because the United States Securities and Exchange Commission (SEC) ruling has a deadline of 2024. This is because the SEC gets three chances to defer its decision, which will likely happen. So a decision on whether investors will be able to trade in the Spot BTC ETF is expected to be made in February 2024 at the latest, as noted in this Bitcoinist. reports,
“With the possible approval of the BlackRock Bitcoin ETF and other institutional providers, bitcoin demand could continue to support the price until our year-end target of $45,000,” Matrixport said in the report. “There is no clear indication of what will trigger the next bull run, but the data suggests that bitcoin could continue to rally until the halving in 2024.”
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Multiple bullish catalysts for BTC in 2024
As noted by Matrixport in its report, the Bitcoin Spot ETF filing is not the only bullish event that could drive the 2024 bull market. Another important event is the BTC halving event which is less than a year away now. The event will cut the block rewards for the blockchain in half from 6.25 BTC per mined block to 3.125 BTC per mined block.
Next BTC halving is less than a year away | Source: Binance
This reduction in the rate at which new BTC is being put into circulation, combined with the fact that the digital asset has a very limited supply, has always fueled each bull market. So even if expectations for the spot ETF don’t materialize and the SEC rejects the filing, it will likely only be a short-term bearish momentum as the halving is only a few months away.
Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold, So What Is Digital Silver?
Based on historical performance, the price of BTC is known to increase by more than 100% as anticipation grows around the halving event. Given this, according to the Matrixport report, it is possible that BTC will reach a price of $125,000 by the end of 2024.
