Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024
26 Oktober 2023 - 7:00PM
NEWSBTC
Bitcoin price (BTC) is currently displaying a significant uptrend,
showing no signs of slowing down. The cryptocurrency has already
begun its fifth bull run, with impressive price targets anticipated
in the coming year. A recent report from Matrixport
highlights BTC’s history of four distinct bull market cycles, each
driven by a unique narrative. However, the latest bull market,
which started on June 22, 2023, stands out due to its primary
driving force: institutional adoption. Per the report, this
surge in institutional interest can be attributed to Bitcoin’s
characteristics, traditionally associated with safe-haven
investments like Gold, as well as mounting concerns over the United
States debt-to-GDP ratio. Matrixport’s report predicts that
Bitcoin’s price could reach an impressive $125,000 by December
2024. Bitcoin Price Rise Aligns With Mounting US Debt Matrixport
suggests its emergence as a new payment mechanism propelled the
first Bitcoin bull market in 2011. The second cycle was driven by
China, where Bitcoin gained recognition as an alternative form of
money. The rise of initial coin offerings (ICOs) marked the
third cycle, providing a novel means of establishing and funding
companies. The fourth cycle saw the decentralized finance (DeFi)
summer and the NFT craze dominating the market. However, per the
report, Bitcoin’s current bull market is driven by institutional
adoption. Institutions are considering Bitcoin for diversifying
their asset allocation due to its characteristics akin to
safe-haven investments. Related Reading: SHIB Will Lose Place
To PEPE In New Bull Cycle, Analyst Makes The Case Notably, the
surge in Bitcoin’s value coincides with the United States’
escalating debt-to-GDP ratio, making it an attractive choice for
institutions seeking to hedge against potential economic
instability. Based on historical price signals, Matrixport
estimated that Bitcoin price could reach $125,000 by December
2024. Interestingly, the report suggests that the onset of
this bull market was officially recognized when BTC reached a new
one-year high on June 22, 2023. Furthermore, Matrixport
advises that the optimal entry point to buy Bitcoin is ideally
14-16 months before the next halving event. The report suggested
that the end of October 2022 was an opportune time to enter the
market when Bitcoin traded at $17,000. Potential BTC Correction On
The Horizon? Despite the hype surrounding the current uptrend
experienced by most cryptocurrencies on the market, crypto analyst
“Crypto Soulz” presents a contrasting view on the future of Bitcoin
price. In a recent analysis of X (formerly Twitter), the analyst
provides several reasons for considering a short position on BTC.
According to Crypto Soulz, the next significant resistance level is
at $37,330, but Soulz doubts the possibility of retesting it in the
current market conditions. Related Reading: Still Not Bullish
On Solana? 4 New Reasons Why You Should Be Bitcoin recently reached
a local top at $35,300, leading Crypto Soulz to believe a price
decline may follow. The analyst emphasizes retesting the $31,500
level as crucial support, which Bitcoin did not revisit during the
recent price surge. Crypto Soulz notes that spot and
perpetual contracts rose during the pump, indicating potential
market instability. Additionally, the futures market experienced
significant liquidations during the rally, similar to previous
wipe-outs in January and August. Upon examining the liquidation
heatmap, Crypto Soulz identifies liquidity below the current price,
implying a potential downward movement. Soulz targets specific
liquidity pools at $32,300 and $30,800 as potential areas for the
price decline. Based on its analysis, Crypto Soulz expects
Bitcoin to “cool off” from its current levels and target lower
prices. At the time of writing, the price of Bitcoin is
currently at $34,000, experiencing a 2.5% retracement in the past
24 hours. Featured image from Shutterstock, chart from
TradingView.com
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