Bitcoin Price Prediction: Here’s When BTC Price Will Hit $125k

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Bitcoin’s price rally shows no sign of abating, with the world’s top crypto surging ahead. As of the latest update, Bitcoin is trading at $34,214, marking a slight 0.5% dip in the past day. This comes on the heels of heightened anticipation within the crypto community for the U.S. Securities and Exchange Commission’s (SEC) decision on a spot Bitcoin Exchange-Traded Fund (ETF), a potential game-changer for institutional adoption and Bitcoin’s overall market performance. 

Amid Bitcoin’s recent activity, Matrixport, a well-known crypto trading firm, has made a bold prediction: Bitcoin could reach an all-time high of $125,000 by December 2024. Matrixport believes we’re in the early stages of Bitcoin’s fifth upward market cycle, which began on June 22, 2023.

This time, it’s different because growing institutional interest drives the surge, largely due to concerns about the unsustainable U.S. debt levels. Notably, the surge has included altcoins such as Solana, Ripple, Chainlink, and Dogecoin. Solana strives for $40, Ripple moves above $0.55, Chainlink breaks out, and Dogecoin targets $0.097.

Matrixport’s analysis takes us on a journey through past Bitcoin bull markets, each sparked by something unique. The first one started in 2011 when Bitcoin was recognized as a groundbreaking payment system. The second phase began with China acknowledging Bitcoin as an alternative form of money. The third cycle was fueled by the rise of Initial Coin Offerings (ICOs), and the fourth one in 2021 was all about DeFi and NFTs.

Bitcoin to hit $45K? With ETF or Without ETF, That’s the Ques?  

Looking ahead, Matrixport’s crystal ball predictions say Bitcoin’s price may hit around $45,000 by the end of 2023 and early 2024, with a small dip expected in February 2024. But a rebound should follow, possibly taking Bitcoin to about $63,130 in the second quarter of 2024. Although there might be a drop in August 2024, the currency is predicted to rise again by October, eventually reaching that $125,000 target by December 2024. 

Good time to invest? Matrixport advises examining the April 2024 Bitcoin halving. Their analysis suggests investing in Bitcoin 14–16 months before a halving occurs. Bitcoin was at $17,000 in October 2022, a decent entry position. Bitcoin awaits a larger objective as other altcoins benefit from ETF certification. But experts say ETF will add sell-pressure this time.

Crypto Reaction!

According to Bloomberg’s Jamie Coutts, Bitcoin’s recent surge is like in July 2020 when it broke a significant price level. This led to record highs. He says there might be temporary drops, but this shows we’re in a strong bull market phase.