Jamal Al-Farouq Matrixport’s Bold Prediction: Bitcoin to Surge to $125,000 by Year-End 2024, Backed by Strong Performance
Despite the remarkable performance of bitcoin in the first half of 2023, Markus Thielen, the head of research at cryptocurrency firm Matrixport, recently made a daring prediction. On July 5, 2023, Thielen projected that bitcoin (BTC) would skyrocket to $125,000 by the close of 2024. His forecast is founded on an indicator signaling the end of the bear market, triggered by BTC reaching its highest point in 12 months since the “Crypto Winter” of 2022.
Matrixport Research Anticipates Bitcoin’s Surge to $125,000 by Year-End 2024
Over the past three days, bitcoin prices have experienced consolidation. Nonetheless, BTC’s value has witnessed a notable surge of 17.5% in the past 30 days and an impressive 72% increase against the U.S. dollar within the last six months. This recent upward momentum has sparked various predictions.
Recently, CryptokenTop.com News shared two projections for BTC’s price by the end of 2023. These reports unveiled a broad range of forecasts, spanning from $25,000 to $40,000 per bitcoin. On July 5, 2023, Markus Thielen, the head of research at Matrixport, released his own prediction for the end of 2024.
Thielen highlights the significance of BTC reaching its one-year high, as it consistently serves as a compelling indicator for the conclusion of bear markets and the emergence of new crypto bull markets. The Matrixport researcher draws attention to notable instances when this signal occurred in August 2012, December 2015, May 2019, and August 2020. Thielen emphasizes that in each of these cases, the bull market commenced within a timeframe of 12 to 18 months following the signal. Thielen explains:
“Based on the previous three signals, if history is any guide, then there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%).”
Matrixport’s projection for BTC’s price at the close of 2024 aligns with venture capitalist Tim Draper’s revised timeline, who expects bitcoin’s value to reach $250,000. Draper acknowledges the possibility of a slightly extended wait, suggesting it could take an additional two years. These forecasts from Matrixport and Draper emerge with less than 300 days remaining until the next Bitcoin block reward halving. Matrixport predicts a price of $63,160 for the halving, citing the Blackrock spot bitcoin exchange-traded fund filing and a surge in institutional interest.
“There is no obvious indication of what will drive the next bull market, but the data indicates that bitcoin could continue to rally into the 2024 halving,” writes Matrixport’s Thielen. “Many market participants argued that the bitcoin bear market would continue throughout the year as the overhang from the crypto bankruptcies and the expected regulatory backlash would cause prices to stay low for the year. ‘Matrix on Target’ had a different view, based on proven and reliable data analysis.”
What are your thoughts on Matrixport’s ambitious year-end 2024 prediction for Bitcoin? Do you believe BTC can reach $125,000 by then? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin price prediction
Can Bitcoin reach $125,000 by the end of 2024 according to Matrixport’s prediction?
According to Matrixport’s head of research, Markus Thielen, Bitcoin is predicted to reach $125,000 by the end of 2024. This forecast is based on historical indicators and a signal marking the conclusion of bear markets. Thielen cites previous instances where this signal preceded the start of bull markets within 12 to 18 months. However, it’s important to note that these predictions are speculative and subject to market fluctuations.
3 comments
i read this article on crypto news and they had different predictions for bitcoin. some said 25k some said 40k. but this matrixport guy thinks 125k!! thats a big difference. i wonder if it will really happen. lets wait and see!
matrixport’s research seems interesting. they say btc reaching one-year high is a sign of the bear market ending. and it happened before too. but can we really trust these predictions? the crypto market is so volatile. let’s hope for the best but stay cautious.
wow matrixport thinks bitcoin will hit 125k by end of 2024! thats crazy! but i kinda like it. btc has been doing well so far and if history repeats itself then maybe it can happen. fingers crossed!