BITCOIN

Matrixport is bullish on Bitcoin again: Breaking $60,000 by April next year, rising to $120,000 by the end of the year.

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Matrixport is bullish on Bitcoin again: Breaking $60,000 by April next year, rising to $120,000 by the end of the year.

With the ongoing bullish sentiment in the crypto market, Matrixport remains steadfast in predicting that BTC will reach $63,140 in April next year and soar to $125,000 by the end of the year, based on various factors such as geopolitical, currency, and macroeconomic conditions.

Market History Repeats Itself: BTC Welcomes Another Three-Year Bull Market

Matrixport first compared Bitcoin's historical bull and bear market cycles:

  • 2014 bear market -58%, followed by three consecutive years of a bull market.

  • 2018 bear market -72%, followed by another three-year bull market.

Matrixport points out that this is a simple cycle analysis, and with Bitcoin's -65% decline in the 2022 bear market, it indicates another three-year bull market ahead,

with 2023 already being the first year of the bull market, with a surge of up to +123%.

Block Reward Halving

The halving event has always been seen as a key factor in bull markets, and Matrixport states that BTC has shown significant increases in halving years:

  • 2012 +186%

  • 2016 +126%

  • 2020 +297%

Based on this historical data, Matrixport predicts that Bitcoin could potentially reach the $125,000 level in the future.

Macro Factors: Expected Fed Rate Cut Again

In addition to factors such as similar upward cycles and halving events, Matrixport also expects macroeconomic conditions to have a positive impact on the rise of cryptocurrencies, anticipating a decrease in inflation that will prompt the Fed to cut rates again.

With the support of monetary policy, Matrixport believes this will drive Bitcoin to reach new highs in 2024.