Home Bitcoin News Bitcoin’s Fifth Bull Market Predicted to Propel Price to $125,000 by December 2024

Bitcoin’s Fifth Bull Market Predicted to Propel Price to $125,000 by December 2024

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In an exciting turn of events for crypto enthusiasts and investors alike, Bitcoin is poised for a substantial rally, potentially reaching a staggering $125,000 by the close of 2024. The stage is set for this remarkable surge, driven by growing institutional interest and a pivotal shift in the cryptocurrency market.

A renowned name in the crypto services realm, Matrixport, has unveiled this captivating prediction in a report shared with CryptoSlate on October 26, 2023. According to the experts at Matrixport, Bitcoin is now in its fifth bull market phase, propelled by the profound expectations of institutional adoption.

Markus Thielen, the Head of Research and Strategy at Matrixport, elaborated on the rationale behind this prediction. He noted that Bitcoin’s intrinsic qualities, once traditionally associated with assets like gold and safe-haven investments such as Treasury bonds, have sparked interest among institutions looking to diversify their asset portfolios. As Bitcoin transcends its former status as a mere speculative asset, it becomes increasingly appealing as a legitimate component of institutional investment strategies.

The journey of this fifth Bitcoin bull market commenced in June when the digital asset scaled new heights for the year. Significantly, this period witnessed a flurry of applications for spot Bitcoin exchange-traded funds (ETFs) from several traditional financial institutions submitted to the Securities and Exchange Commission (SEC). These applications, in turn, ignited a bullish trajectory for Bitcoin, symbolizing the conclusion of the ‘crypto winter’ era.

Historically, when such signals of institutional interest have been triggered, Bitcoin has yielded substantial returns, averaging an impressive +310%. Based on these indicators, Matrixport’s experts have forecasted that Bitcoin could ascend to the remarkable price point of $125,000 by the conclusion of December 2024. The crypto community is now eagerly awaiting this impending milestone, with hopes running high.

Notably, the United States has played a pivotal role in fueling Bitcoin’s recent surge. In a separate report by Matrixport on October 25, it was suggested that U.S. traders have been the driving force behind the current bull run of Bitcoin, with the majority of gains accumulating during U.S. trading hours.

Over the past month, Bitcoin, the flagship digital asset, has experienced an impressive upswing in value, with gains exceeding 25%. The optimism surrounding the potential approval of a Bitcoin ETF in the U.S. has reached unprecedented levels, acting as a catalyst for this surge.

Markus Thielen emphasized the significance of this development, citing that U.S. institutions and investors are wholeheartedly embracing the prospect of a U.S.-listed spot Bitcoin ETF becoming a reality. The anticipation and enthusiasm are palpable, underlining the importance of regulatory approvals in the cryptocurrency space.

During this period of rapid growth, the market has grappled with challenges, including the dissemination of false reports suggesting that the SEC had already given its nod to BlackRock’s ETF application. Such incidents underscore the need for vigilance and discernment in the crypto space, as well as rekindling skepticism regarding the role of cryptocurrencies in potential terrorist financing.

In closing, Matrixport’s report emphasizes that U.S. traders and institutions wield a buying power that surpasses other regions by a substantial margin, including Asia. The collective strength of U.S. investors is a key factor propelling Bitcoin’s ongoing ascent.

As Bitcoin enthusiasts eagerly anticipate the culmination of this fifth bull market phase and the potential price tag of $125,000, the cryptocurrency landscape is poised for more exciting developments. Stay tuned for further updates on this captivating journey of Bitcoin in the financial markets. The digital realm is evolving, and Bitcoin is at the forefront, blazing a trail into the future of finance.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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