Matrixport Says Bitcoin Bull Market Already Started, Targets $125,000 by December 2024

cryptonews.com:

Bitcoin ( BTC)‘s latest bull market officially started on June 22, 2023, when the leading cryptocurrency reached a new one-year high.

In a recent report, crypto financial services platform Matrixport said Bitcoin’s fifth bull run has already started and could see the flagship cryptocurrency reach an impressive $125,000 by December 2024.

“This bull market officially commenced on June 22, 2023, when Bitcoin reached a new one-year high for the first time in a year. Historically, when this signal was triggered, Bitcoin has delivered, on average, returns of +310%,” the report said.

Matrixport also emphasized the significance of timing when considering Bitcoin investments.

According to their analysis, the ideal entry point to buy Bitcoin was ideally around 14 to 16 months before the next halving event.

In the report, Matrixport mentioned the end of October 2022 as the perfect entry time, when Bitcoin was trading at a modest $17,000.

“With momentum gaining steam, further gains are anticipated.”

Bitcoin has experienced several bull market cycles, each driven by distinct narratives.

From its emergence as a new payment mechanism to its recognition as an alternative form of money in China, and the rise of initial coin offerings (ICOs) followed by the DeFi and NFT crazes, each cycle has brought its own unique catalysts.

Now, according to Matrixport, a leading digital asset financial services platform, the fifth Bitcoin bull market is already underway, fueled by expectations of institutional adoption.

Institutional investors are increasingly considering Bitcoin as a diversification tool for their asset portfolios.

Bitcoin’s attributes, often associated with safe-haven investments like gold and treasury bonds, have caught the attention of