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Bitcoin bulls remain strong and push BTC price near $35K, driving a broader crypto market rally. The global crypto market cap jumped 1% to 1.27 trillion over the 24 hours, with top crypto Bitcoin and Ethereum moving above $34k and $1800 levels, respectively. Meanwhile, a report by Matrixport reveals the potential of Bitcoin hitting $45K in 2023 and $125K by December 2024.
Bitcoin To Pick Massive Bullish Rally For $125K In 2024
According to a report by Matrixport, Bitcoin is already in the 5th bull market and expects the BTC price to rally massively in the next few months. The next bull market is driven by institutional adoption.
Matrixport revealed that the bull market started in June this year when the BTC price reached a yearly high. The analysis shows BTC price will hit $45K in 2023. An earlier research by Matrixport pointed out that if the BlackRock Bitcoin ETF is approved, Bitcoin will rise to $42,000. Also, an inflow of $50 billion money will make Bitcoin rise to $56,000.
“Bitcoin’s characteristics, which were traditionally associated with assets like Gold and other safe-haven investments such as Treasury bonds, have led institutions to consider Bitcoin for diversifying their asset allocation.”
In addition, Matriport estimates Bitcoin price reaching $125,000 by December 2024, which is more than six months after Bitcoin halving. Also, October 2022 was the perfect time to buy the dip when price was trading at $17,000.
The massive trading volumes in the broader crypto market indicates buying by investors and whales amid Bitcoin ETF hype. While traders and analysts expect another buying opportunity below $32K, but BTC bulls have held above the level strongly.
Post-Halving Bitcoin Prediction
Standard Chartered predicted that Bitcoin price can reach $50,000 by the end of this year and surpass $120,000 by next year. Binance CEO CZ also forecasted that a post-halving Bitcoin price rally will start months after Bitcoin halving as per the historical data.
BTC price currently trades at $34313, moving sideways in the past 24 hours after a massive rally. The 24-hour low and high are $33983 and $35133, respectively. However, the trading volume has decreased by 20% in the past 24 hours.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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