A crypto financial services firm is detailing the catalysts that could spark a rally for Bitcoin (BTC) and push it to six figures sometime in 2024.
In a new report titled “The Sustainability of Bitcoin’s Bull Market in 2024,” Matrixport outlines how the top crypto asset by market cap can surge to a $125,000 price tag next year.
According to the report, the crypto king’s upcoming halving will serve as a catalyst for a bull run. BTC’s halving event, which will cut miners’ rewards in half, is slated for April 2024.
Matrixport also says that the Federal Reserve reversing course on its tight monetary policies and cutting interest rates should also help push BTC to new all-time highs.
“Given the expectations for the continuation of this bull market, we reaffirm our projections of $63,140 by April 2024 and $125,000 by the end of that year…
Historically, the years when Bitcoin mining rewards were halved were generally bullish: 2012 (+186%), 2016 (+126%), and 2020 (+297%). As miners tended to hoard Bitcoins before each halving, prices increased by +200%, which would project Bitcoin reaching $125,000.
Based on our inflation model, the macro environment is expected to remain a robust tailwind for crypto. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts. Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.”
Bitcoin is trading for 39,412 at time of writing, an increase of 1.58% in the past day.
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