Matrixport, a crypto financial service platform, has always been bullish on Bitcoin, especially in 2023. So the latest prediction for the digital asset is no surprise to investors. This time, Matrixport analysts predict that the price of BTC will push forward up to $125,000 by the end of 2024.
A 310% Rise For Bitcoin?
Matrixport analysts’ current forecast for Bitcoin sees the cryptocurrency rally as high as 310% if it happens. This prediction, however, is not just throwing out unexpected catalysts that will trigger such a rally, as outlined in the report.
For BTC to reach a high of $125,000 by the end of 2024, Matrixport expects that the potential approval of Bitcoin Spot ETFs filed by investment giants such as BlackRock and Fidelity Investments, among others, could be push it needs.
2024 is important for these Bitcoin Spot ETF filings because the last date for a decision from the United States Securities and Exchanges Commission (SEC) is in 2024. This is because the SEC got three opportunities to postponing its decision, which it is likely to do. So a decision on whether investors will be able to sell a Spot BTC ETF is expected in February 2024 at the latest, as outlined in this Bitcoinist report.
“With the potential approval of the BlackRock Bitcoin ETF and other institutional providers, demand for Bitcoin may continue to support prices at our $45,000 target by the end of the year,” Matrixport said in the report. “There is no clear indication of what will drive the next bull market, but the data shows that Bitcoin may continue to rally in the 2024 halving.”
More Bullish Catalysts For BTC In 2024
As Matrixport mentioned in its report, Bitcoin Spot ETF filings are not the only bullish events that could drive a bull market in 2024. Another important event is the BTC halving event which is less than a year from now. . This event will see block rewards for the blockchain cut 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 brought into circulation, combined with the fact that the digital asset has a limited supply, often prompts every bull market. So even if expectations for Spot ETFs don’t play out and the SEC rejects the filings, it’s likely to be short-lived bearish momentum since the breakout will happen just a few months later.
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Going by historical performance, the price of BTC is known to rise more than 100% as expectations around the halving event grow. Because of this, it is possible that BTC will reach the price of $125,000 by the end of 2024, according to a Matrixport report.