Matrix Port – a provider of crypto and blockchain services – is confident that in a year and a half from now (at the end of 2024), the price of bitcoin will rise to a whopping $125,000.
Matrix Port: Bitcoin Is Going to Rise, Rise, Rise
The company is basing its hypothesis on historical data, which includes former bullish trends and significant increases in market value. Matrix Port believes that these little points will repeat themselves and ultimately bring the world’s number one digital asset to a point where it nearly doubles its end-of-year 2021 high.
Matrix Port is also considering that bitcoin has shot up to about $31,000 per unit at the time of writing, the highest it’s been in about 13 months. Right now, the signals being witnessed on bitcoin-centered technical charts have also been seen in charts during August of 2012, December of 2015, May of 2019, and August of 2020. All these periods were followed by huge price rallies.
Markus Thielen – the head of research and strategy at Matrix Port – explained in a recent note:
On June 22, 2023, bitcoin recorded a new one-year high, marking the first such instance in a year. Historically, this signal has signified the conclusion of bear markets and the commencement of new crypto bull markets. If we take history as a reference, bitcoin prices could rise by +123 percent over 12 months and by +310 percent over 18 months based on the average return of the signals triggered in 2015, 2019, and 2020. This could push prices to $65,539 in 12 months and $125,731 over 18 months.
It feels as though so long as bitcoin remains in existence, there will be people and companies alike working to predict where its price will go, though to be fair, the $125,000 prediction from Matrix Port is nothing compared to some of the other predictions that have arisen over the past few weeks and months.
For example, Tom Lee of Fundstrat fame recently concluded that bitcoin could somehow make it all the way to $200K, while Cathie Wood of ARK Invest thinks that over the next seven years, bitcoin could cross the $1 million mark.
We Can All Be Thankful that 2022 is Over
In any case, one thing that needs to be mentioned is that while bitcoin is still only trading for around $30K, this is still miles better than where it stood at the end of last year. 2022 was arguably the worst period on record for the world’s primary cryptocurrency. The asset – which as mentioned, was trading in the high $60K range at the end of 2021 – finished the following 12-month stint trading in the mid-$16K range, thus meaning the asset had lost more than 70 percent of its overall value.
This contributed to the crypto industry falling below the $1 trillion valuation line when it had been standing beyond $3 trillion at the beginning of 2022.
