Matrixport Saya Bitcoin to Skyrocket to $125,000 in Fifth Bull Run

• A top crypto trading platform predicts that Bitcoin will rise to $125,000, nearly doubling from its previous all-time high.
• Matrixport believes that the fifth bull market has already begun and will culminate in a new all-time high by December 2024.

Top crypto trading firm Matrixport has shared insights into the prices of Bitcoin (BTC) in a recent report. In this report, the firm reveals that the fifth bull market has already begun. Drawing a comparison from the last four bull markets, the firm reveals that the ongoing phase is primarily driven by institutional adoption.

In each of the last four bull cycles, there’s been a unique narrative that drives prices according to the firm. In the first one, in 2011, prices were propelled by Bitcoin’s emergence as a new payment mechanism. The second one was propelled by China, with Bitcoin gaining traction as an alternative form of money. The third is the rise of initial coin offerings (ICOs) as an easy means to establish and fund companies. In the fourth which saw BTC reach a new all-time high of $69,000, the emergence of DeFi, and the the NFT craze.

During its time, Bitcoin has been associated with gold because of its unique characteristics such as acting as a safe haven investment. With institutional investors seeking alternative investment to widen their portfolio, Bitcoin has emerged as a perfect option. The need for alternative investment options has been accelerated by the economic and political instability being witnessed all over the world.

A new investment vehicle is on the horizon with the U.S. SEC expected to approve a spot Bitcoin ETF in the next couple of months. This will give institutional investors greater access and take away all the complexity of buying and holding BTC for these investors.

Related: Bitcoin ETF Launch Looms: Will Bulls Rally or Is ‘Sell the News’ Inevitable?

Although a large part of the crypto community believes the bull market is on the horizon, Matrixport believes it has already begun. According to the firm, the fifth bull market began in June. The report notes that historically, when this signal was triggered, Bitcoin delivered average, returns of over 310 percent. Based on this signal, the firm estimates that Bitcoin could reach $125,000 by December 2024. It further discussed the optimal point to buy BTC, adding;

The optimal entry point to buy Bitcoin was ideally 14-16 months before the next halving event. This is why the end of October 2022 was the perfect entry time, as our report suggested when Bitcoin was trading at just $17,000. With momentum gaining steam, further gains are anticipated.

Recently, BTC has rallied to a new year high of over $35,000 driven by the Bitcoin spot ETF craze. This demonstrated the huge demand among institutional investors. The U.S. SEC is expected to approve spot Bitcoin ETFs in the coming months. In addition, the next Bitcoin halving is expected to take place in April 2024. According to a majority of experts, these are key triggers that will see BTC reach as much as $250,000.

At the time of press, BTC is trading at a little over $34,000 after a 16 percent increase over the last 7 days.

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