Matrixport, a crypto financial services platform, has always been optimistic about Bitcoin, especially in 2023. So the latest forecast for the digital asset comes as no surprise to investors. This time Matrixport analysts have predicted that the price of BTC will rise to $125,000 by the end of 2024.
A 310% increase for Bitcoin?
The current prediction by Matrixport analysts for Bitcoin will see the cryptocurrency rally as high as 310% when it happens. However, this prediction did not just come out of the blue without anticipated catalysts that would trigger such a rally, as outlined in the report.
To ensure BTC reaches $125,000 by the end of 2024, Matrixport expects the possible approval of the Bitcoin Spot ETFs filed by investment giants such as BlackRock and Fidelity Investments could be the boost it needs.
2024 is important for these Bitcoin Spot ETF filings because the deadline for a decision by the US Securities and Exchanges Commission (SEC) is 2024. This is because the SEC has three chances to delay its decision, which it probably will. So a decision on whether or not a Spot BTC ETF can trade 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 up to our $45,000 end goal,” Matrixport says in the report. “There is no clear indication of what will trigger the next bull market, but the data indicates that Bitcoin could continue to rise in the 2024 halving.”
BTC
Multiple bullish catalysts for BTC in 2024
As Matrixport points out in its report, Bitcoin Spot ETF deposits are not the only bullish events that could trigger a bull market in 2024. Another major event is the BTC halving which is now less than a year from now. In this event, block rewards for the blockchain will be cut in half from 6.25 BTC per block mined to 3.125 BTC per block mined.
Next BTC halving is less than a year away | Source: Binance
This decrease in the rate at which new BTC is put into circulation, coupled with the fact that the digital asset has a very limited supply, has always led to every bull market. So even if expectations for the Spot ETFs fall short and the SEC rejects the filings, it will probably only be short-lived bearish momentum, as the halving is only a few months away.
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Judging by historical performance, the BTC price is known to increase by more than 100% as expectations grow around the halving event. Given this, it is possible that BTC will reach a price of $125,000 by the end of 2024, according to the Matrixport report.
