Matrixport, a crypto financial services platform, has always been bullish on Bitcoin, especially in 2023. So its latest prediction for the digital asset comes as no surprise to investors. This time around, Matrixport analysts have predicted that the price of BTC will push forward to as high as $125,000 by the end of 2024.
A 310% Increase For Bitcoin?
The current forecast by Matrixport analysts for Bitcoin will see the cryptocurrency rally as high as 310% if it does come to pass. This prediction, however, was not just thrown around without expected catalysts that would trigger such a rally, which is outlined in the report.
For BTC to reach as high as $125,000 by the end of 2024, Matrixport expects that the potential approval of the Bitcoin Spot ETFs filed by investing giants such as BlackRock and Fidelity Investments, among others, could be the push it needs.
2024 is important for these Bitcoin Spot ETF filings because the final date for a decision from the United States Securities and Exchanges Commission (SEC) is in 2024. This is because the SEC gets three opportunities to postpone its decision, which it likely will. So a decision on whether or not investors will be able to trade a Spot BTC ETF is expected in February 2024 at the latest, as outlined in this Bitcoinist report.
“With the potential approval of the BlackRock Bitcoin ETF and other institutional providers, the demand for Bitcoin could continue to support prices into our $45,000 year-end target,” Matrixport says in the report. “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.”
BTC
Multiple Bullish Catalysts For BTC In 2024
As Matrixport mentions in its report, the Bitcoin Spot ETF filings are not the only bullish events that could drive a bull market in 2024. Another important event is the BTC halving event which is less than a year away now. This event will see the block rewards for the blockchain cut down in half from 6.25 BTC per mined block to 3.125 BTC per mined block.
Next BTC halving is less than a year away | Source: Binance
This decrease in the rate at which new BTC is being brought into circulation, coupled with the fact that the digital asset possesses a very limited supply, has always triggered each bull market. So even if expectations for the Spot ETFs do not play out and the SEC does reject the filings, it will likely only be a short-lived bearish momentum as the halving will take place only a few months after.
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Going by historical performance, the BTC price has been known to rise more than 100% as expectations around the halving event grow. Given this, it is possible that BTC does reach a price of $125,000 by the end of 2024, according to the Matrixport report.