Matrixport is optimistic about Bitcoin. Markus Thielen, head of research and strategy at Matrixport, believes the leading cryptocurrency will rise to $125,000 by the end of 2024.
Markus Thielen predicts several months of bullishness and the end of the bear market. According to him, the signal of the bullish cycle was the rise in the price of bitcoin to $31,000, which is the highest since June 2022. There were similar signals in August 2012, December 2015, May 2019 and August 2020.
“Bitcoin hit a new yearly high on June 22, 2023 for the first time in a year. This signal has historically indicated the end of bearish cycles and the beginning of new bullish trends,” Thielen said.
He noted that, judging by history, the price of bitcoin could rise by 123% in twelve months and by 310% in eighteen months.
“This trend comes from the average returns of the signals that worked in 2015, 2019 and 2020,” Thielen said.
Recall that earlier the head of research and strategy at Matrixport compared investments in meme cryptocurrencies with a passion for lottery games.
