Virtual money and digital cryptocurrency concept.
Matrixport, a crypto financial services platform, has always been bullish on Bitcoin, especially in 2023. As such, its latest prediction for the digital asset comes as no surprise to investors. This time, Matrixport analysts have predicted that the price of BTC will go as high as $125,000 by the end of 2024.
A 310% surge for Bitcoin?
The latest Bitcoin forecast by Matrixport analysts sees the cryptocurrency rising by up to 310% if it actually materializes. However, this prediction was not simply thrown around without anticipating catalysts that would spark such a rally, as the report details.
In order for BTC to reach $125,000 by the end of 2024, Matrixport believes the potential approval of the Bitcoin spot ETFs, which has been sought by investment giants like BlackRock and Fidelity Investments, among others, could provide the impetus needed.
The year 2024 is important for these bitcoin spot ETF filings as the final date for a decision by the US Securities and Exchange Commission (SEC) is in 2024. That’s because the SEC has three ways to defer its decision, which it likely will. A decision on whether or not investors can trade a spot BTC ETF is therefore 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 towards our year-end target of $45,000,” the Matrixport report said. “There’s no obvious clue as to what will drive the next bull market, but the data suggests that bitcoin could continue to rise up until the 2024 halving.”
BTC
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 spark a 2024 bull market. Another major event is the BTC halving, which is now less than a year away. At this event, the blockchain rewards will be halved from 6.25 BTC per mined block to 3.125 BTC per mined block.
The next BTC halving is less than a year away | Source: Binance
This drop in the speed at which new BTC is being circulated, coupled with the fact that the supply of digital assets is very limited, has always fueled every bull market. So even if the spot ETFs fail to meet expectations and the SEC rejects the filings, it will likely only be a short-lived downside momentum as the halving is only months away.
Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold So What Is The Digital Silver?
Judging by historical performance, BTC price is known to surge more than 100% as expectations for the halving event increase. With this in mind, according to the Matrixport report, it is possible for BTC to reach a price of $125,000 by the end of 2024.
Follow Best Owie on Twitter for market insights, updates and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.