Bitcoin price to hit $125k by end of 2024: Matrixport
Bitcoin (BTC) could rally to a high of $125k in late 2024 amid institutional adoption, Matrixport said in report.
The crypto services provider’s Bitcoin price prediction comes amid BTC’s surge to $35k.
Spot Bitcoin ETF approval could be one of the catalysts of the bull market.
Bitcoin’s jump to above $35,000 this week came amid the crypto market’s latest spot Bitcoin ETF anticipation. This has the flagship cryptocurrecy looking at potentially printing the first consecutive weekly green candle since late July/early August when it went on to hit lows of $24,900 in September.
BTC has notably retreated from the $35k level and is battling to strengthen above $33.5k as of Friday afternoon, October 27.
What could drive Bitcoin price to $125k?
While some analysts say the crypto could look to retest key support levels, crypto services platform Matrixport says in a new Bitcoin price prediction that the benchmark cryptocurrency could soar to $125,000 by the end of next year.
The platform said in its latest research report that with Bitcoin in its fifth bull market, soaring institutional interest and potential price catalysts such as spot ETF could prove key to price gains.
“Bitcoin’s 5th BullMarket is underway, defined by institutional interest and a soaring price trajectory. This cycle began on June 22, 2023, with a new one-year high, historically leading to impressive returns. The target? $125,000 by December 2024,” the firm highlighted in a post on X.
The bullish perspective is down to Bitcoin’s growth as an asset class, with investors now looking at the cryptocurrency much more like they view traditional safe-haven assets like Gold and Treasury bonds. Institutional investors are buying Bitcoin as part of diversifying their portfolios.
BTC at current prices could therefore end up being a huge bargain given the expected influx of institutional money. For investors likely to think of a better entry point, Matrixport analysts say that price was $17k.
“Our analysis indicates that the optimal entry point was in October 2022, when Bitcoin traded at just $17,000. The narrative is now centered around institutional adoption and asset diversification,” they added.
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