Analysts predict that Bitcoin will reach $125,000 by the end of 2024. How is this possible?
Matrixport, a cryptocurrency financial platform, has always been bullish on Bitcoin, especially heading into 2023. So the latest forecast from Matrixport analysts does not surprise investors. This time, analysts predict that the BTC price will rise to $125,000 by the end of 2024.
310% growth for Bitcoin? However, this forecast was not made without the expected catalysts that could drive such growth, as detailed in the report.
For Bitcoin to reach $125,000 by the end of 2024, potential approvals for the Bitcoin Spot ETF, filed by investment giants such as BlackRock and Fidelity Investments, among others, could provide the boost needed for growth.
The year 2024 is important for these Bitcoin Spot ETF filings because the SEC's final decision date will be in 2024. This is because the SEC has three options to delay the decision, which they will likely do. Therefore, a decision on whether the Spot BTC ETF can be traded is expected no later than February 2024, as stated in this Bitcoinist report.
“With the potential approval of BlackRock Bitcoin ETF and other institutional providers, demand for Bitcoin could continue to support prices, reaching our year-end target of $45,000,” Matrixport said in a report. “There is no clear indication of what will drive the next bull market, but data suggests Bitcoin could continue to rise until supply is halved.
Another important event is the upcoming halving, which will happen in less than a year. This event will result in a decrease in the block reward on the blockchain, from 6.25 BTC to 3.125 BTC per block found. The decreasing rate at which new BTC enters circulation, coupled with the fact that the supply of the digital asset is limited, has always been a trigger for every bull market. So even if expectations for the Spot ETF fall through and the SEC rejects the filings, it will likely only be a short-term bearish trend as the issuance taper is only a few months away. Based on historical performance, the price of BTC has been known to rise by over 100% as it approaches the drawdown event. Based on this, it is possible that BTC will reach a price of $125,000 by the end of 2024, according to a report by Matrixport.
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