Analysts at Matrixport believe that Bitcoin can reach $60,000 by April 2024 and double that price mark by the end of that year.
The year of 2023 was the first bull year in a series of cycles, which usually come after bear markets hit crypto prices, analysts at Matrixport said in a recent blog post. According to their estimations, the latest bear market is now over, given that Bitcoin (BTC) saw a 123% increase in value in 2023.
As noted by the analysts, the bear market of 2014 was followed by three years of a bull market, and the bear market of 2018 followed the same pattern. The bear 2022 market was no exception, and now the crypto market is about to enter into another bullish year.
“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.”
Matrixport
According to Matrixport, Bitcoin price will reach the $60,000 mark by April 2024. And by the end of that year, the largest cryptocurrency by market capitalization might hit $120,000 as “historically, the years when Bitcoin mining rewards were halved were generally bullish.”
The analysts suggest that should geopolitical crosscurrents combine with the Federal Reserve cutting interest rates, there will be a “healthy dose of monetary support” to push Bitcoin to new highs in 2024.
Galaxy Digital Founder and Chief Executive Mike Novogratz shares optimism on Bitcoin’s future, saying the top crypto is poised to reach its old highs a year from now, should the U.S. Securities and Exchange Commission (SEC) give the go-ahead to spot Bitcoin exchange-traded funds (ETFs).
