Matrixport Continues to Predict Bitcoin Will Rise to $63,140 by April 2024
With expectations of continued market growth, Matrixport Research reaffirms its prediction that BTC will reach $63,140 by April 2024 and $125,000 by the year's end.
Matrixport continues to predict Bitcoin will rise to $63,140 by April 2024
According to a recent report by Matrixport, the cryptocurrency market is entering its 5th price increase cycle. Previously, the research unit indicated Bitcoin could reach $40,000 - $45,000 by the end of this year. Thanks to macroeconomic, political, and positive monetary flow factors, the unit believes the coin will reach the $63,000 mark in April 2024.
Following the price cycles in history, every year of price decline is followed by three years of price increase. 2014 (-58%), 2018 (-72%), and 2022 (-65%) mark the years of decline, making 2023 (+123%) the first year entering the cycle of price increases.
Matrixport also bases its predictions on the years of Bitcoin Halving events, which tend to be years of price increases such as 2012 (+186%), 2016 (+126%), and 2020 (+297%). As BTC mining companies begin a strategy of holding BTC after each halving event, Bitcoin becomes scarcer, which will help the coin reach $125,000 by the end of 2024.
Additionally, macroeconomic factors such as expected inflation rates are expected to create favorable conditions for strong cryptocurrency market growth. Matrixport predicts the Federal Reserve (Fed) is likely to start cutting interest rates. Combined with external monetary inflows, this will significantly expand the market.
On December 1st, the price of Bitcoin reached $38,450, setting a new high for 2023.
BTC/USDT price chart taken at 16:00 on December 1st, 2023, on Binance
