Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000
04 Dezembro 2023 - 2:00PM
NEWSBTC
Crypto financial services firm Matrixport has reaffirmed its
bullish projection on the future trajectory of the Bitcoin price.
While at it, the firm also mentioned when this is likely to happen
based on past cycles and historical performance. When Bitcoin Will
Hit $125,000 In a report that dwelled on the sustainability of the
bull market in 2024, Matrixport mentioned that Bitcoin will hit
$125,000 by the end of 2024. Before then, they project that Bitcoin
will hit $63,140 by April 2024. April 2024 is scheduled to be when
the Bitcoin Halving will take place and this event is expected by
many to kickstart the bull market. Related Reading: Dogecoin
Price Rallies To 4-Month Highs – Can Bulls Take It Above $0.3? The
basis for their $125,000 projection stems from the fact that the
years in which Bitcoin Halving took place are generally bullish.
Historically, Bitcoin saw a 186%, %126, and 297% gain in 2012,
2016, and 2020 respectively. As such, they expect that something
similar will happen in 2024. Another point that they used to
back up their projection is the fact that miners tend to hoard
their Bitcoin rewards before each halving. There is usually a
significant price increase after the event (about 200%). Therefore,
they expect that this time won’t be different, with Bitcoin able to
hit the $125,000 price level if that happens. Meanwhile, the
macro factors seem to be aligning for this parabolic rally in 2024.
Based on Matrixport’s inflation model, there could be a decline in
inflation, which could lead to a cool-off in the hike of interest
rates. If that happens, it would undoubtedly be bullish for
Bitcoin, considering that the Fed’s hawkish stance has been known
to affect Bitcoin’s price. BTC price still holding above
$41,000 | Source: BTCUSD on Tradingview.com The Bull Market Already
Began Contrary to public opinion, Matrixport believes that the bull
market already began this year. They noted that, just as in past
cycles, the bull market has always lasted for three years after
every bear market. Based on this “simple cycle analysis,” they
project that this bull market will also last for three years. Going
by this assumption, the bull market will run until 2025.
Related Reading: XRP Price Set To Explode: Analyst Identifies
Trigger For Next Parabolic Move The financial services firm had
previously shared a report on how the fifth bull market will
unfold. This cycle, which they assert began on June 22, 2023, has
been said to be likely driven by expectations of institutional
adoption. This is likely a reference to the Spot Bitcoin ETFs that
could potentially launch soon. Their projections so far seem
to be on track. As part of how this bull market will unfold, they
had affirmed that Bitcoin will hit $45,000 between November this
year and April 2024. That could happen sooner than later, as the
flagship cryptocurrency recently broke above $40,000.
Featured image from Investing News Network, chart from
Tradingview.com
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