Bitcoin has hit a 19-month high, and Matrixport predicts it will keep climbing well into next year.
Bitcoin (BTC) has reached the $40,000 level for the first time since late April 2022, climbing around 2% in 24 hours.
Bitcoin surged from under $39,500 to strike above $40,000 on Dec. 3 to hit a 19-month high, according to CoinGecko data.
It also marks a new year-to-date high for Bitcoin, which is up over 140% since Jan.
In a Nov. 30 note, Matrixport research head Markus Thielen predicted that Bitcoin would hit over $60,000 by April next year and $125,000 by the end of 2024.
Thielen said the last three crypto bear markets saw a following three year bull cycle and an analysis suggested "another three years of this bull market, with 2023 being the first year."
“Historically, the years when Bitcoin mining rewards were halved were generally bullish,” Thielen explained.
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