Is Bitcoin on track to top $125,000?

It is worth noting that Markus Thielen, director of research at Matrixport, made a bold prediction about the future development of Bitcoin. In a Nov. 30 newsletter, Thielen predicted Bitcoin would top $60,000 by April 2024 and reach a staggering $125,000 by the end of 2024. Citing historical data, Thielen noted that BTC typically enters a bullish cycle after three consecutive bear markets. This analysis suggests that 2023 marks the beginning of another three-year bull market. #BTC #ETH

Thielen’s prediction is closely related to the upcoming halving event in mid-April 2024, when #BTC🔥🔥 mining rewards will be reduced by 50%. Historically, miners have piled up Bitcoin in anticipation of such events, causing prices to surge by more than 200%. Drawing on this historical trend, Thielen expects Bitcoin to reach the $125,000 milestone.

Bitcoin’s recovery coincides with heightened speculation surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Standard Chartered predicted in a Nov. 28 newsletter that Bitcoin could be worth six figures by the end of 2023 thanks to the “earlier-than-expected launch” of spot ETFs in the U.S.

As the cryptocurrency landscape continues to evolve, the dynamic interplay between market sentiment, regulatory developments, and historical trends will shape the trajectory of Bitcoin and other digital assets over the foreseeable months and years. Investors and enthusiasts are eagerly anticipating the unfolding of Bitcoin’s journey to the $40,000 milestone and the possibility of achieving Matrixport’s ambitious $125,000 prediction by 2024.