Bull Market Began in June and BTC Could Hit $125K - Claims Matrixport

Summary

• Matrixport, a Singapore-based crypto trading firm, claims that the crypto market is experiencing its fifth Bitcoin bull market, which began on June 22, 2023.
• The firm predicts that Bitcoin could hit $125,000 by December 2024, driven by institutional adoption and the belief that Bitcoin is a safe-haven investment.

Singapore-based cryptocurrency trading firm Matrixport, in a recent analysis, revealed that the crypto market is experiencing its fifth Bitcoin bull market, which officially began on June 22, 2023. The development comes with a bold prediction – Bitcoin may soar to $125,000 by December 2024, backed by solid reasoning.

Previous Bull Run Narratives

Matrixport highlighted the distinct narratives that have driven previous Bitcoin bull markets. The first was marked by Bitcoin's emergence as a new payment method, followed by the second, driven by China, where Bitcoin was embraced as an alternative form of currency. The third cycle was characterized by the rise of initial coin offerings (ICOs), and the fourth saw the DeFi summer and NFT craze taking center stage.

“The fifth Bitcoin bull market appears to be primarily driven by the expectations of institutional adoption.” 

Bitcoin's properties, often likened to traditional assets like Gold and safe-haven investments like Treasury bonds, have piqued institutional interest for diversifying their asset portfolios, Matrixport believes. Notably, this surge coincides with the concerning U.S. debt-to-GDP ratio, which is reaching unsustainable levels.

Matrixport added that the bullish trend began officially on June 22, 2023, when Bitcoin achieved a new one-year high after a year-long hiatus. 

“Historically, when this signal was triggered, Bitcoin has delivered, on average, returns of +310%. Based on this signal, we estimated that Bitcoin could reach $125,000 by December 2024.”

Matrixport’s Ideal Bitcoin Entry

The optimal entry point to invest in Bitcoin is ideally 14-16 months before the next halving event, according to the report. Matrixport had presciently recommended the end of October 2022 as the perfect entry time when Bitcoin was trading at just $17,000. With momentum building, it's no surprise that further gains are anticipated in the crypto market.

As the crypto space continues to evolve, the fifth Bitcoin bull market promises significant potential, driven by institutional adoption and a keen eye on the U.S. economic landscape. Investors are now eagerly watching to see if Bitcoin can achieve the projected $125,000 target by December 2024.