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While bitcoin has shown strong performance in the first half of 2023, Markus Thielen, the head of research at crypto firm Matrixport, released a prediction on July 5, 2023, stating that bitcoin (BTC) will reach $125,000 by the end of 2024. Thielen’s forecast is based on a signal indicating the conclusion of the bear market, which occurred when BTC reached its highest point in 12 months since the 2022 ‘Crypto Winter.’
Bitcoin prices have experienced a period of consolidation over the previous three days. However, BTC’s value has still seen a notable increase of 17.5% over the past 30 days and a significant surge of 72% against the U.S. dollar within the last six months. This recent upward momentum has sparked several predictions.
Three days ago, Bitcoin.com News featured two projections regarding BTC’s price by the end of 2023. These reports revealed a wide range of forecasts, ranging from $25,000 to $40,000 per bitcoin. On July 5, 2023, Markus Thielen, the head of research at Matrixport, published his own prediction for the end of 2024.
Thielen emphasizes that BTC reaching its one-year high serves as a compelling indicator that has consistently marked the conclusion of bear markets and the onset 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 underscores that, in each of these cases, the bull market commenced within a timeframe of 12 to 18 months following the signal. The Matrixport executive added:
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%) – based on the previous three signals.
Matrixport’s projection for BTC’s price at the end of 2024 follows venture capitalist Tim Draper’s revised timeline for bitcoin’s value to reach $250,000. Draper acknowledged the possibility of a slightly extended wait, suggesting it could take an additional two years. These forecasts from Matrixport and Draper have also emerged 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,” Matrixport’s Thielen writes. “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.”
