Matrixport Forecasts Bitcoin Will Soar to $125,000 in 1 Year
According to Galaxy Digital CEO Mike Novogratz, the launch of spot Bitcoin ETFs on the American market in 2024 could drive the value of the largest digital currency up to $69,000.
Meanwhile, analysts at Matrixport have a more optimistic view, predicting that by the end of next year, Bitcoin may reach levels as high as $125,000.
They also believe that by the time of the halving, the BTC rate will reach $63,140. Matrixport points out that in the past, the halving event has marked the start of a three-year period of growth in the cryptocurrency market.
This was seen in both 2014 and after the bear market of 2018. Furthermore, analysts note that halving has historically had a positive impact on the movement of Bitcoin.
After the miner rewards were reduced in 2012, BTC saw an increase of 186%. Following the halvings of 2016 and 2020, it experienced price increases of 126% and 297%, respectively.
With the added support of a rate cut by the Federal Reserve, Matrixport is confident that Bitcoin will reach a new all-time high in 2024.
