Matrixport: $125,000 in 2024

2023-12-04 02:19:28

By Jesse Coghlan, Cointelegraph, compiled by Song Xue, Golden Finance

On Dec. 3, the BTC surged from below $39,500 to over $40,000, a 19-month high, according to CoinGecko.

**It also marks BTC new year-to-date high, which has risen more than 140% since January 1. **However, it is still down about 42% from its all-time high of over $69,000 on November 10, 2021.

Over the past 12 months, the price of BTC has risen from below $17,000. Source: CoinGecko

Thielen said that the last three crypto bear markets have gone through the next three-year bull market cycle, and the analysis shows that ** “this bull market lasted for another three years, and 2023 is the first year”. **

“Historically, BTC years of halving mining rewards have been generally bullish,” Thielen explains. It is expected that the BTC will be halved again in mid-April 2024, at which time the mining rewards will be reduced by 50%.

** “Miners tend to hoard BTC before each halving, with prices rising by more than 200% and the BTC expected to reach $125,000,000,” Thielen said. **

BTC price milestone comes amid speculation that a spot-BTC exchange-traded fund (ETF) is about to be approved in the United States.

There are 13 bidders on the US BTC ETF spot – the latest from Swiss asset manager Pando Asset on Nov. 29.

Bloomberg ETF analysts believe there is a 90% chance that all pending ETF bids will be approved at the same time on January 10. **

Source: Golden Finance

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